Tackle Today: Why Goldman Sachs Made the Scouting Report
April 25, 2023
Uptrend + Room to Run
Traders,
Goldman Sachs (GS) was on this week’s Bull Watch in our Scouting Report. Let’s break down the technicals to highlight why.
One: Its recovery off the lows has reached the point where we’ve broken back above all major moving averages.
Two: Friday’s rally finally eclipsed resistance at $340, signaling the next phase of its advance had begun.
Three: There’s room to run to $360 before another resistance pivot enters the equation.
Four: Earnings is in the rearview mirror, and buyers were quick to pounce on the down gap (April 18th). The company’s earnings performance proves GS doesn’t deserve to be lumped in with other banks that are suspect after the Silicon Valley Bank debacle.
At $340, GS isn’t the cheapest stock, but you can use options spreads like bull calls or bull puts to structure a low-cost play.
Gino’s Gems
Chart of the Day: Goldman Sachs
GS is down this morning, alongside weakness in the broader market. Let’s see if it can quickly bounce back.
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