Goldman Sachs Group Inc (NYSE:GS) reported earnings that beat Wall Streets expectations. However, the stock was so overbought it still sold off. Shares of Goldman Sachs Group had surged from $175 to near $240 since Donald Trump was elected President of the United States. The surge was based on hopes that the bank could begin operating like its old self. This would require a repeal of Dodd-Frank. Even with great earnings, a 35% surge in the stock price in just over two months cannot be justified. Goldman Sachs has started a correction that will continued until it falls into the major support of $215. Investors should stay away until this price point is tagged. Once hit, it can be bought.
Investors analyze the stock chart of Goldman Sachs Group Inc
Investors analyze the stock chart of Goldman Sachs Group Inc