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Possible Bearish Inside Day Candle Pattern Detected for Goldman Sachs Gp (NYSE:GS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Goldman Sachs Gp (NYSE:GS) based on the price action in the company's shares. Yesterday's price range of $235.68 and $235.96 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Goldman Sachs Gp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

There is potential upside of 14.9% for shares of Goldman Sachs Gp based on a current price of $238.37 and an average consensus analyst price target of $274.00. The stock should find initial support at its 50-day moving average (MA) of $223.52 and further support at its 200-day MA of $208.41.

Over the past year, Goldman Sachs Gp has traded in a range of $172.27 to $237.77 and closed yesterday at $238.37, 38% above that low. The 200-day and 50-day moving averages have moved 0.33% higher and 0.64% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Goldman Sachs Gp on October 22nd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $209.06. Since that recommendation, shares of Goldman Sachs Gp have risen 12.6%. We continue to monitor GS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle goldman sachs gp

Ticker(s): GS