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Goldman Sachs stock price is ending the week under pressure

In our analysis yesterday on the stock price of Goldman Sachs we noted that at current levels we prefer to be neutral if not slightly bearish. The chances of a major reversal are high and I expect to see more downside.


Red lines - channel

Blue line- bearish divergence

Goldman Sachs stock price continues to respect the red channel. Price is now challenging the lower channel boundary just above $380. As we noted in our previous posts, the bearish RSI divergence was a key characteristic that made us expect a reversal lower. Breaking below $380 will increase chances of price moving towards our target area of $320-$300.

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