GS breaks below previous session low
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.
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.
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
|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|
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