GS Goldman Sachs Weekly Chart H&S

GS has been sliding lower for the last three weeks. Goldman may close its dark pool so perhaps that is the reason behind much of the weakness. The red rising wedge, negative divergence and overbot conditions create the top and spankdown to begin the year. The indicators remain weak and bleak on this weekly basis so lower lows are anticipated in the weeks ahead. The histogram would like to see a bounce right now and the stochastics are oversold so a relief rally would be prudent. Price is teasing the lower standard deviation band so a touch lower would firmly violate the lower band and chart the course higher to the middle band, the 20-day MA, at 168.

The neon blue lines show a head and shoulders pattern in play with neckline at 155, head at 180, that would target 130. The 200-week MA is down there at 135. Strong support exists at 123. So the 123-135 area serves as a lower target zone if the 155 level fails. Projection is for sideways to sideways lower moving forward for the weeks and months to come. Perhaps GS will print in the 120's in the summer or Fall. In the very near term, GS should bounce, probably from the 155 neckline, to 162-170 then roll over again. Quick serious trouble will occur if GS loses 155 only a couple points lower and tested by yesterday's LOD 155.48. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.