Stock Technical Analysis: Goldman (GS) Shines in Stock Market Correction
Written by Taurus on October 6, 2009
Here is a stock technical analysis of GS (Goldman Sachs), a very popular stock pick this week. While the broader stock market is experiencing a correction, this stock has shown much resilience, and is raring to go!
Stock Technical Analysis of GS
Prices have been consolidating for the last two weeks, trending within a nice bull flag (shown in black above). Yesterday, it shot right out of the bull flag and closed just below a pretty strong resistance of $188.16. This price resistance was set by the previous high on Sept 23, as well as a peak back in July 2008.
A buy signal will be initiated if prices manage to break and close above this resistance of $188.16. There should also be increased volume accompanying the move up. Prices would be bearish if it breaks below the upward sloping trendline shown in blue above.
Trade with care!
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