Goldman Sachs Group Inc. - (GS) - August 10, 2022 (Daily Stock Report)

by SIACharts.com

 

 

For the last three months, Goldman Sachs (GS) has been steadily working its way back up the rankings in the SIA S&P 100 Index Report, starting in the red zone and returning to the Green Favored Zone yesterday for the first time since last November.

A new recovery trend appears to be underway in Goldman Sachs (GS) shares. After spending the first half of the year under distribution and declining in a falling channel, GS bottomed out in June with $275 successfully holding as support through several tests. In July, the shares regained $300, retook their 50-day average and snapped a downtrend line, all combining to signal renewed accumulation. This month, GS broke out over $325, completing a base and confirming the start of a new uptrend.

Initial upside resistance may appear near $345, then $375 where a measured move from the base coincides with previous support and resistance. Initial support moves up to $325.

 

After spending the first half of this year in a downward trend, Goldman Sachs (GS) shares appear to have bottomed out and launched into a new recovery trend. Since bottoming out in June, the shares have consistently been climbing and this month they completed a bullish Double Top breakout in addition to snapping out of a downtrend.

Currently the shares are testing initial resistance near $342.85 where a breakout would complete a bullish spread double top pattern and confirm the start of a new uptrend. Should that occur, next potential resistance may appear near $371.10 or $386.10, based on previous column highs and lows. Initial support appears near $310.50 based on a 3-box reversal.

With a bullish SMAX score of 6, GS is exhibiting strength against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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