Goldman Sachs: the bears are still in control

New bearish technical picture drawn on Goldman Sachs Group daily chart. The main trend remains negative, the bears are still in control.

Monday session Goldman Sachs Group close was at 139.51 (-1.66%). New bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close), we suggest to watch today closing. Yesterday trading session was characterized by a gap down at the open and an higher close. The main trend remains negative, the bears are still in control. The negative value of many leading oscillators indicates infact a downward trend.
GOLDMAN SACHS GROUP BEARS control

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 147.80). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 27/06/2016.

Performance: 7 trading days= -4.21% – 15 trading days= -10.09% – 30 trading days= -10.21%

Resistance levels: R1= 141.09 – R2= 142.68 – R3= 145.71
Pivot Point: 139.65
Support levels: S1= 138.06 – S2= 136.62 – S3= 133.59


Buying opportunity above 140.36, targets minor resistance at 142.09 and perhaps as far as strong resistance at 143.30, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 146.25.

Selling opportunity below 139.16, targets minor support at 137.45 and perhaps as far as strong support at 136.22, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 133.22.