Technical Analysis – Goldman Sachs stock rangebound between 38.2%-50% Fibonacci
- Stefanos Oikonomidis
The momentum indicators are reflecting a bearish near-term bias. Specifically, the stochastic oscillator is descending sharply, while the RSI is flatlining beneath its 50-neutral threshold.
Should selling interest intensify further, initial support could be encountered at the 50% Fibo of 278.00, which is the lower boundary of its recent sideways pattern. Sliding beneath that zone, further downside moves may then cease at the 61.8% Fibo of 243.25. Failing to halt there, the bulls might aim for the 78.6% Fibo of 193.68.
On the flipside, bullish forces could propel the price towards the 38.2% Fibo of 312.87. Conquering this barricade, the spotlight could turn to 330.00 before the 23.6% Fibo of 355.95 appears on the radar. Piercing through the latter, the 2022 peak of 377.00 may prove a tough obstacle for the price to overcome.
Overall, Goldman Sachs’ stock retains both its bearish short- and long-term outlooks, while near-term risks also remain tilted to the downside. Therefore, a dive beneath the 278.00 floor could send the price to generate fresh multi-year lows.
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