Trade It: $GS Downside Target Revealed
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Shares of Goldman Sachs Group Inc(NYSE:GS) continue their decline, following last week's Federal Reserve rate decision. Interest rates have fallen since the Fed raised interest rates by a quarter basis point based on their commentary that there would only be two more hikes this year. Financial stocks react closely to interest rate moves because they make money from the interest rates on loans. Goldman Sachs has fallen from $255.15 to its current price of $242.26. There is still more downside until it hits support, but not a ton. The support level can be clearly found by connecting major pivots on the stock chart (see below). A near-term technical bounce should come into the stock at $239.00. Look for a bounce back to $245-$247. This is a very quick trade, do not stick around longer as I expect another bigger leg down on the financial stocks.
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This article was written by Tony Jackson for on .
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