Exploring GOLDMAN SACHS GROUP INC's Technical Signals and Breakout Potential.

Our stockscreener has identified a possible breakout setup on GOLDMAN SACHS GROUP INC (NYSE:GS). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:GS for potential opportunities.

Insights from Technical Analysis

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Taking everything into account, GS scores 7 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, GS is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• GS is part of the Capital Markets industry. There are 206 other stocks in this industry. GS outperforms 73% of them.
• GS is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so GS is lagging the market slightly.
• GS is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• Looking at the yearly performance, GS did better than 72% of all other stocks. However, this relatively good performance is mostly due to a recent big move.
• In the last month GS has a been trading in a tight range between 372.07 and 393.91.

Check the latest full technical report of GS for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:GS currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, GS also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 386.43. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 382.68, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:GS

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.