Technical Analyst, Saxo Bank
Goldman Sachs shares jumped at the open after earnings announcement. The share price has jumped above the 0.382 retracement to test the 0.50 retracement of the August – September downtrend trading between the 55 and 100 SMA.
Over the past couple of weeks of trading Goldman Sachs share price has formed a double bottom formation with a potential target at around 332 which is the 0.618 retracement of the August – September downtrend and 1.618 projection of the double bottom.
However, if Goldman closes below 315 and RSI is rejected at the 60 threshold this scenario is likely to demolished and the downtrend to resume.
A down trend that can take Goldman share to test support area at 278-272 and the 200 weekly SMA.
RSI on weekly time period is showing negative sentiment – it has not broken above 60 – and will confirm the bearish trend if breaking back below 40.
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