Interesting Technical Analysis finding for GOLDMAN SACHS GROUP INC (NYSE:GS)

Our stock screener has flagged GOLDMAN SACHS GROUP INC (NYSE:GS) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:GS for potential movement.

Deciphering the Technical Picture of NYSE:GS

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, GS scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, GS has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, GS did better than 73% of all other stocks. On top of that, GS also shows a nice and consistent pattern of rising prices.
• GS is one of the better performing stocks in the Capital Markets industry, it outperforms 73% of 209 stocks in the same industry.
• A new 52 week high is currently being made by GS, which is a very good signal! However, this is in line with the S&P500, which is also trading near new highs.
• In the last month GS has a been trading in a tight range between 375.20 and 397.49.

Our latest full technical report of GS contains the most current technical analsysis.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:GS currently has a 9 as setup rating:

GS has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 391.06. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 390.43, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:GS be traded?

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.

Of course, there are many ways to trade or not trade NYSE:GS and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.