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Look for Shares of Goldman Sachs Group to Pullback after Yesterday's 3.66% Rise (GS)

Written on Thu, 07/29/2010 - 11:57pm
By Chip Brian

Goldman Sachs Group (NYSE:GS) traded in a range yesterday that spanned from a low of $147.63 to a high of $153.15. Yesterday, the shares gained 3.66%, which took the trading range above the 3-day high of $149.66 on volume of 15.3 million shares.
Shares of Goldman Sachs Group are currently trading above their 50-day moving average (MA) of $139.51 and should find resistance at their 200-day MA of $159.57. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Goldman Sachs Group and our subscribers were alerted to Buy on July 15, 2010 at $142.04. The stock has risen 7.4% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $149.66 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Investment Banking & Brokerage industry.

Keywords: goldman sachs group trading range stock news

Ticker(s): GS

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