Goldman Sachs extends gains - Analysis
Goldman Sachs' stock (GS) rose in the intraday levels, with the bank expected to launch a large scale cut to the workforce this week, amounting to 3200 jobs, with the stock rising 1.41%, or 4.92 points in the last session, settling at 353.00, with trading volumes approaching 2 million shares, above 10-day averages of 1.5 million shares.
Technically, the stock is attempting to recoup some recent losses, buoyed by positive signals from the RSI after reaching overbought levels, with negative pressure from the 50-day SMA.
Therefore I expect the stock to return lower, targeting the support of 328.67, provided the resistance of 358.47 holds on.
Technically, the stock is attempting to recoup some recent losses, buoyed by positive signals from the RSI after reaching overbought levels, with negative pressure from the 50-day SMA.
Therefore I expect the stock to return lower, targeting the support of 328.67, provided the resistance of 358.47 holds on.
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