Bank Stocks Getting Slammed: Goldman Sachs (GS)
Goldman Sachs Group Inc (NYSE:GS) has already been mostly flat after recovering from a rare earnings miss and subsequent share drop in the middle of April. Of course, the last time GS suffered a major decline — last summer — the stock then enjoyed a nearly 90% rally on hopes of net interest margin gains (on Trump economic initiatives) and a deregulation push.
But things were bad, and now they’re getting worse.
Goldman Sachs is dropping out of a tight three-month downtrend, testing critical support near the $215-per-share level, closing in on its 200-day moving average for the first time since late September. Should that level collapse, there’s considerable (read: double-digit) downside potential from there.