Technical Insights for GOLDMAN SACHS GROUP INC (NYSE:GS): Is a Breakout Imminent?

A possible breakout setup was detected on GOLDMAN SACHS GROUP INC (NYSE:GS) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:GS.

Technical analysis of NYSE:GS

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Overall GS gets a technical rating of 8 out of 10. 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 one of the better performing stocks in the Capital Markets industry, it outperforms 75% of 206 stocks in the same industry.
• GS is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• When comparing the yearly performance of all stocks, we notice that GS is one of the better performing stocks in the market, outperforming 73% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
• In the last month GS has a been trading in a tight range between 375.20 and 396.79.

For an up to date full technical analysis you can check the technical report of GS

How do we evaluate the setup for NYSE:GS?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:GS exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, GS also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 393.19. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 388.76, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:GS

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.