GS breaks below previous session low


Goldman Sachs Group (GS) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team

Highlights

GS closes below its opening price unable to hold early session gains
GS closes lower for the 3rd day in a row
GS ends the day on a bearish note closing near the low of the day
GS breaks below previous session low
GS falls to lowest close since May 8th

Overview

Moving lower for the 3rd day in a row, GS finished Thursday at 239.10 losing $1.86 (-0.77%). Today's closing price of 239.10 marks the lowest close since May 8th. Trading $2.02 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 240.59, Goldman Sachs confirms its breakout through the prior session's low having traded $1.81 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (GS as at May 17, 2018):

Daily technical analysis candlestick chart for Goldman Sachs Group (GS) as at May 17, 2018

Thursday's trading range was $3.66 (1.52%), that's slightly below last trading month's daily average range of $4.36. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.

Prices are trading close to a key support level at 237.91.

While the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.


Market Conditions for GS as at May 17, 2018

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