Financial giant Goldman Sachs Group (NYSE:GS) has been under severe selling pressure. The stock topped out in early March around $255. Today, Goldman Sachs is trading around $211.75 a share and is near a key break-point level at $210. A monthly-chart close below this level would likely signal further downside for the financial institution.
Traders and investors should note that the next major chart support level for Goldman Sachs is down around $188. That would be a major buying opportunity if GS declines further. Also, remember that whenever Goldman's price declines, it usually drags down the rest of the financial sector with it. We'll be keeping a close eye on this stock in the near future as it will tell us a lot about the direction of the financial sector and the overall stock market.