Goldman Sachs Short term Bullish Reversal

gs New York, August 14th ( - Shares of Goldman Sachs Group, Inc. (NYSE:GS) ended the trading session higher by $0.59 or 0.57% from its previous close. Goldman's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.

The Goldman Sachs Group, Inc. (NYSE:GS), a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

Goldman's recent stock range was formed by a trough where calculated support was defined at $96.72 and by a peak that established the resistance level at $104.38. This range could be used by traders managing their positions.

Traders wanting to establish a position in Goldman Sachs or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.

The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:

TradersHuddle Search

Stock Search:

Site Search:


Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

o Dow Jones 17,872.12 ▲43.83 (0.25%)
o S&P 500 2,098.97 ▲8.87 (0.42%)
o NASDAQ 4,933.50 ▲31.74 (0.65%)

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,872.12 Trade time:4:02PM EDT Value change:▲43.83 (0.25%)

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,098.97 Trade time:4:02PM EDT Value change:▲8.87 (0.42%)


Company ID [INDEXNASDAQ:.IXIC] Last trade:4,933.50 Trade time:4:02PM EDT Value change:▲31.74 (0.65%)

In The Wires

Copyright © 2013 All Rights Reserved.