GS breaks below previous session low


Goldman Sachs Group (GS) Technical Analysis Report for May 17, 2018 [1 min read]
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
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
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 chart for GS
Volatility

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.

Price Action

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.

Support/Resistance

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

Trend

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.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Goldman Sachs Group
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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