Stock of the day: Goldman Sachs
25 October 2024
In today’s stock of the day, let’s dive into Goldman Sachs, which is currently displaying a very favorable technical setup. I mentioned Goldman Sachs previously when we saw the development of an ascending triangle pattern, defined by a black uptrend line and a key horizontal resistance marked in orange. Recently, this orange resistance was broken, and the price moved significantly higher, signaling a strong buy opportunity.
Now, we see a classic price action scenario unfolding: the previously broken resistance is being retested as a support level. This retest has been positive for the buyers, as the price is bouncing off the orange support line, reaffirming the bullish sentiment. As long as Goldman Sachs remains above this orange horizontal support, the outlook stays positive, and the buy signal appears secure. Should the price dip below this support, it would shift the sentiment to bearish, inviting potential short positions. However, the likelihood of this breakdown seems minimal at present.