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More Upside in Goldman Sachs?

BATS:GS   Goldman Sachs Group, Inc. (The)
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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