18.12.202100:14 Forex Analysis & Reviews: GS stock price remains vulnerable to more downside.

Long-term review

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GS stock price ended the week near its lowest levels. With price just above the $380 level, this weekly candle has exited the bullish channel price was in for the last 8 months. Weekly trend is technically still bullish but as we identified when price was trading around $410, the bearish RSI divergence suggests that a corrective pull back is justified as we mentioned before in previous posts.

Red lines - bullish channel

Blue line- bearish divergence

Recent low and key horizontal support is found at $372. Breaking below this level will be the confirmation for the start of the pull back. The RSI bearish divergence was just a warning. Our pull back target is currently around the $290-$310 area. GS stock price is vulnerable to a move lower because we believe the upside potential is very limited.

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