Date: 07 Mar 2019

Overall, the last three quarters of last year were not positive for the Goldman Sachs share, which moved in a downward trend. At the turn of the year, however, an upward rally began, which lasted until the end of January. With many attempts, the market tried to break through the crucial $200 level, but without sustained success.

Around the 12th of February, the short term 38-day smoothing line crossed the 50-day line from bottom to top, which could suggest further rises. However, a few days earlier the MACD passed its trigger line, suggesting a price fall. The MACD is now below its trigger line with a bearish tendency. The histogram is in negative territory.

These mixed signals could be interpreted as some uncertainty in the fight between bulls and bears. The $199 range could, therefore, be decisive for dominance.

For the last two trading days, the market has meandered around its 38-day smoothing line. If this does not support the bulls, then the price could fall. Support could then be in the $188 and 50-day smoothing range. Both are currently at the same level. If the bears dominate the field, further support could be found in the $180 range.

However, if the bulls prevail and make a sustained break through the $200 area, the picture could brighten further, with the next, more significant, resistance waiting in the $213 range. If the market pierces this area as well, another resistance could form in the $227 area.

 

GS.US Daily Chart |Source: ActivTrader

GS.US Daily Chart |Source: ActivTrader 

 

Written by Daniel Schuetz, External Analyst

 

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