Goldman Sachs shares just did something they've never done before

What's wrong with shares of Goldman Sachs?

The investment bank just posted 11 straight days of losses, its longest losing streak since its initial public offering in 1999. The stock is now down 10 percent this year, the second-worst performer in the Dow. Some investors see more pain coming.

"The charts are indicating to stay away from Goldman Sachs. It's likely to get worse before it gets better," Ari Wald, head of technical analysis at Oppenheimer, said Wednesday on CNBC's "Trading Nation."

Wald said the 200-day moving average is "starting to take a sideways to even slightly lower drip; that's indicative of a weakening trend." The stock may trade in a range in the near term, Wald said, but he sees far more attractive opportunities elsewhere in the sector and in the broader market.

Other market watchers, including Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, are more optimistic on the stock in the long term.

He acknowledged the market is worried about trading revenue and strong deal-making going forward after posting a relatively strong quarter. Indeed, the investment bank beat analysts' estimates last quarter in every division with the exception of trading.

"Still, the company is going to have $5 billion in buybacks, and it's one of the premier financial names out there," Schlossberg said Wednesday on "Trading Nation."

Goldman shares fell nearly 1 percent on Wednesday, closing just above $228 per share near session lows. It was down nearly 1 percent in Thursday's premarket.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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