Regular readers of the blog will recall the Goldman Sachs post we made on the 19th May 2017, (the post referenced the downward channel GS was tracking).
In the last few trading sessions, the stock rallied to the resistance within the channel and has now moved sharply lower in overnight trade.
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Goldman Sachs was down 3.3% and was the worst performing Dow Jones stock in the overnight session. As the US reflation trade loses momentum, the bounce in the US financials has met renewed selling pressure at “lower high” levels.
The chart below shows Goldman Sachs’ sharp reversal.
