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Trade It: $GS Downside Target Revealed

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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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Stock chart buy support on shares of Goldman Sachs Group


This article was written by Tony Jackson for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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