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Technical Analysis: Wall Street Giant Attempts a Breakout

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Goldman Sachs hit a new high late in the summer. Now after a healthy pullback, it may be ready to keep moving.

The first pattern on today’s chart is the falling trendline that began on August 30. GS tried to break that resistance twice last month. It was rejected both times with large bearish engulfing candles. But on Thursday it touched the line and …

For more, please click here to view the related idea and chart analysis on TradingView.

Goldman Sachs (GS), daily chart with selected patterns, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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