GOLDMAN SACHS GROUP INC. THE - is Developing Within a Descending Sloping Channel - 06/26/2017 (GMT)

The Goldman Sachs Group, Inc. listed on NYSE is the fifth-largest bank in the U.S., however, from March to May had a sharp sell-off and slipped more than 21% meeting the $210.00 support barrier. In June, the stock price is recovering and earn some of its losses. On a daily timeframe, the price is establishing within a bearish sloping channel since the end of March.

The technical structure suggests further downward movement as the price is trying to fall below the 200-day SMA and the technical indicators are moving south. The stochastic oscillator entered the oversold area whilst the MACD oscillator slipped below the trigger line and is holding near its mid-level. the RSI indicator declined below the 50 level with strong momentum. Our forecast for the next trading periods is a run until the $210.00 obstacle.