Goldman Sachs stock price turned bullish as it penetrated the descending trend line to the upside and hit the 50-day simple moving average (SMA), which is acting as a strong resistance level for the bulls. The latest price movement shifts the bearish picture to bullish and the short-term technical indicators are confirming the scenario for upside pressure.
From the technical point of view, the RSI is currently increasing positive momentum above its neutral threshold of 50, while the stochastic oscillator indicates that further gains are near as it posted a bullish crossover within the %K line and the %D line.
Should the market extend gains, immediate resistance could be met at the 23.6% Fibonacci retracement level of the downleg from 275.00 to 218.90, around 232.14. A significant leg above this area could send prices towards the 238.10 resistance level, taken from the high on June 13. Then, if the market manages to hold above this level, the next stop could be at the 38.2% Fibonacci of 240.30.
On the flip side, if the pair bounces down and dives below the diagonal line, it again could retest the 218.90 support where it bottomed on June 26. Steeper decreases could drive Goldman Sachs stock south towards the 214.40 barrier.
Overall, the price seemed to be bearish until Monday’s session when it surged higher and now looks ready for a bullish correction.
Goldman Sachs stock price turned bullish as it penetrated the descending trend line to the upside and hit the 50-day simple moving average (SMA), which is acting as a strong resistance level for the bulls. The latest price movement shifts the bearish picture to bullish and the short-term technical indicators are confirming the scenario for upside pressure.
From the technical point of view, the RSI is currently increasing positive momentum above its neutral threshold of 50, while the stochastic oscillator indicates that further gains are near as it posted a bullish crossover within the %K line and the %D line.
Should the market extend gains, immediate resistance could be met at the 23.6% Fibonacci retracement level of the downleg from 275.00 to 218.90, around 232.14. A significant leg above this area could send prices towards the 238.10 resistance level, taken from the high on June 13. Then, if the market manages to hold above this level, the next stop could be at the 38.2% Fibonacci of 240.30.
On the flip side, if the pair bounces down and dives below the diagonal line, it again could retest the 218.90 support where it bottomed on June 26. Steeper decreases could drive Goldman Sachs stock south towards the 214.40 barrier.
Overall, the price seemed to be bearish until Monday’s session when it surged higher and now looks ready for a bullish correction.
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