Goldman Sachs Group WCA - Symmetrical Triangle
Company: Goldman Sachs Group, Inc.
Ticker: GS
Exchange: NYSE
Sector: Financials
Introduction:
In this analysis, we are examining Goldman Sachs Group, Inc. (GS) on the NYSE, a key player in the financial sector. The weekly chart indicates a potential bullish reversal in the form of a classic Symmetrical Triangle pattern that has been forming over the past 287 days.
Symmetrical Triangle Pattern:
The Symmetrical Triangle is usually a sign of indecision, in this case, it seems to be acting as a reversal pattern after a downward trend.
Analysis:
Goldman Sachs' previous trend was downward, represented by the blue resistance line. However, this downward trend seems to have been interrupted by the symmetrical triangle pattern, suggesting a potential reversal.
The price is above the 200 EMA, indicating a bullish environment. Currently, it appears that the price may close above the diagonal resistance. Confirmation of this should occur when the candle closes. If it does, a long position could be considered. The price target in the event of a successful breakout would be 453, corresponding to a rise of about 32%. A minor resistance could be encountered at 420.
Conclusion:
Goldman Sachs' weekly chart presents a promising bullish reversal setup. If confirmed by a breakout above the diagonal resistance, this could offer an attractive long trading opportunity.
Please remember, this analysis should form part of your overall market research and risk management strategy, and is not direct trading advice.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Wishing you successful trading!
Best regards,
Karim Subhieh
Disclaimer: This analysis is not financial advice and is intended for educational purposes only. Always conduct your own research and consult with a financial advisor before making investment decisions.
Ticker: GS
Exchange: NYSE
Sector: Financials
Introduction:
In this analysis, we are examining Goldman Sachs Group, Inc. (GS) on the NYSE, a key player in the financial sector. The weekly chart indicates a potential bullish reversal in the form of a classic Symmetrical Triangle pattern that has been forming over the past 287 days.
Symmetrical Triangle Pattern:
The Symmetrical Triangle is usually a sign of indecision, in this case, it seems to be acting as a reversal pattern after a downward trend.
Analysis:
Goldman Sachs' previous trend was downward, represented by the blue resistance line. However, this downward trend seems to have been interrupted by the symmetrical triangle pattern, suggesting a potential reversal.
The price is above the 200 EMA, indicating a bullish environment. Currently, it appears that the price may close above the diagonal resistance. Confirmation of this should occur when the candle closes. If it does, a long position could be considered. The price target in the event of a successful breakout would be 453, corresponding to a rise of about 32%. A minor resistance could be encountered at 420.
Conclusion:
Goldman Sachs' weekly chart presents a promising bullish reversal setup. If confirmed by a breakout above the diagonal resistance, this could offer an attractive long trading opportunity.
Please remember, this analysis should form part of your overall market research and risk management strategy, and is not direct trading advice.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Wishing you successful trading!
Best regards,
Karim Subhieh
Disclaimer: This analysis is not financial advice and is intended for educational purposes only. Always conduct your own research and consult with a financial advisor before making investment decisions.
KSC
