Goldman Sachs Group
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|It was the negative week for the Goldman Sachs Group (GS). During the week, the GS dropped -2.96 points, or -1.49%, and closed at 195.24 on Friday, March 8, 2019. Weekly volume was -16% below average. |
Long-term trend: [See GS long-term trend chart]
A long-term downtrend had started on March 12, 2018 at 275.31 and reached 151.70 on December 26, 2018. GS lost 123.61 points, or 44.90%, in 41 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 124.71 and resistance is at 211.52. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.
Medium-term trend: [See GS medium-term trend chart]
A medium-term uptrend had started on December 26, 2018 at 151.70 and reached 203.29 on January 30, 2019. GS gained -51.59 points, or -34.01%, in 5 weeks. The chart has formed a Descending Triangle chart pattern. The uptrend support line (211.35) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. GS may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
Weekly Technical Indicators: [See GS weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since January 25, 2019. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See GS short-term trend chart]
A short-term uptrend had started on February 8, 2019 at 188.22 and reached 201.50 on February 25, 2019. GS gained -13.28 points, or -7.06%, in 17 days. The chart has formed a Rising Wedge chart pattern.
Daily Technical Indicators: [See GS daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since February 5, 2019. The distance between MACD and the signal line is low, but getting bigger.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (4.9%) is close to one year low (4.88%). It is 59.18% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.