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Fan Yang

Goldman Sachs Group (GS) Attacking Key Resistance at $210

Goldman Sachs Group $GS has been in a recovery mode since late 2018, when price fell to about $155 before climbing back up. It has recently been consolidating just around $200. By the look of the chart, I think GS is about to break above a key resistance around $210.

GS Daily Chart

(click to enlarge)

Bullish Signs:
- As we can see on the daily chart, price rebounded in December, and has been consolidating sideways since January.
- Note that during this consolidation, the RSI tagged 70 and has held above 40 for the most part. 
- Also note that in April, price has been anchored above $200. 
- I think there is a good chance we will see GS break above the $210 resistance, which includes the 200-day simple moving average a previous support pivot (October 2018), and a falling resistance.
- A break above $210 would first open up the $219-$220 pivot. 
- But a more aggressive bullish outlook would be the $240-$245 area.

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