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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 $157.00 and $163.73 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.

Potential upside of 73.0% exists for Goldman Sachs Gp, based on a current level of $158.34 and analysts' average consensus price target of $274.00. Goldman Sachs Gp shares should first meet resistance at the 50-day moving average (MA) of $208.89 and find additional resistance at the 200-day MA of $212.32.

Goldman Sachs Gp share prices have moved between a 52-week high of $250.46 and a 52-week low of $130.85 and closed yesterday at 21% above that low price at $158.34 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 4.2%.

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.

SmarTrend is monitoring the recent change of momentum in Goldman Sachs Gp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Goldman Sachs Gp in search of a potential trend change.

Keywords: bearish am inside day candle goldman sachs gp

Ticker(s): GS