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Fan Yang

Goldman Sachs (GS) Remains in Consolidation/Correction Mode

Last week, I noted that Goldman Sachs (GS) was in a bullish continuation breakout. However, price did not extend higher and this was a failed bullish breakout. Now, price action is about to signal more bearish correction.

Goldman Sachs (GS) Daily Chart

(click to enlarge)

Channel Support:
- The daily chart shows us that price action since June has been in a slightly upwards channel.
- Price is now testing that channel's rising support.
- If price clears below 221, it would have broken the channel. I think a break below 220 would signal further bearish correction, or at least put pressure on the 210 pivot, with the 200 pivot as the next bearish target.

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