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Goldman Sachs (GS) Clears 230 in a Bullish Continuation Breakout

Goldman Sachs (GS) has been consolidating in 2017 after making a high of 255.15 in March. After several months of consolidation, price was trading roughly between 210 and 230. We noted last time that a break above 230 would be a bullish continuation signal. for GS. We saw this breakout during the 8/7 session.

Goldman Sachs (GS) Daily Chart

(click to enlarge)

- The daily chart shows the consolidation between 210 and 230. 
- The shape is a rounded bottom, which adds to the prospect that the current breakout opens up a continuation scenario.
- This means the 2017 high around 255 is back in sight.