More Upside in Goldman Sachs?
Goldman Sachs ran to new highs in late April. Now, after a pullback, some traders may see more upside in the Wall Street giant.
The first pattern on today’s chart is the falling trendline along the highs of May and early June. GS has pushed above that line in the last few sessions, which could be viewed as a potential breakout.
Second, the recent low around $440 was slightly above a 50 percent retracement of the rally after earnings. That may confirm trend is pointing higher.
Third, this month’s bounce was above the November 2021 high of $426.16. Is a long-term breakout in effect?
Fourth, the 8-day exponential moving average (EMA) has crossed above the 21-day EMA. That may reflect a bullish short-term trend.
Finally, stochastics have rebounded from an oversold condition. Notice how a similar pattern occurred in mid-April before the stock rallied.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the falling trendline along the highs of May and early June. GS has pushed above that line in the last few sessions, which could be viewed as a potential breakout.
Second, the recent low around $440 was slightly above a 50 percent retracement of the rally after earnings. That may confirm trend is pointing higher.
Third, this month’s bounce was above the November 2021 high of $426.16. Is a long-term breakout in effect?
Fourth, the 8-day exponential moving average (EMA) has crossed above the 21-day EMA. That may reflect a bullish short-term trend.
Finally, stochastics have rebounded from an oversold condition. Notice how a similar pattern occurred in mid-April before the stock rallied.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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