Goldman Sachs Short term Bullish Reversal

gs New York, August 14th (TradersHuddle.com) - 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:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 16,493.37 ▼69.93 (-0.42%)
o S&P 500 1,925.15 ▼5.52 (-0.29%)
o NASDAQ 4,352.64 ▼17.13 (-0.39%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:16,493.37 Trade time:4:30PM EDT Value change:▼69.93 (-0.42%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,925.15 Trade time:4:30PM EDT Value change:▼5.52 (-0.29%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,352.64 Trade time:5:15PM EDT Value change:▼17.13 (-0.39%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.