Goldman Sachs: Setting Up For More Upside


Is a fresh rally leg about to begin in shares of Goldman Sachs (NYSE:)?  The stock has been stuck in a very narrow sideways pattern since late May. During Monday’s powerful high volume surge GS pierced a key overhead trendline that linked the July/October highs with the help of a 6.8% gain. This breakout type move left layers of support behind. The stock has given back little ground since Monday and is now heading for its best weekly close since Feb. 21 ($230.60). The Monday that followed was the beginning of the COVID collapse. Less than four weeks later GS had dropped just over $100.00.  

Goldman Sachs

Goldman Sachs

We believe GS is setting up well for more upside. The stock ends the week far from overbought(daily MACD). A fresh rally leg from current levels could lift the stock back up to the 2020 peak($250). Solid support is in place from $217 to $210. On the downside a close back below $210.00 would indicate more sideways action is ahead before a new bull phase can begin.  





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