Stock of the day: Goldman Sachs

The first day of August brings us a short analysis of Goldman Sachs – one of the biggest investment banks in the world. We need to update you on the current situation with this instrument. Previously, we mentioned GS in mid-July and we were quite bullish waiting for a proper buy signal:

“The price breaking that resistance would bring us a buy signal. The buy signal would be the change required to treat the 375 USD as a real target and not long-gone history.

As long as the price stays inside of the channel down, the sentiment is negative but should the price close above, it will be an invitation to buy.”

Interestingly, the breakout happened on precisely the same day (the analysis was written before the market opened). Nice timing! It was a technically significant breakout that sparked a bullish momentum and helped the price reach the highest levels since mid- April.

If you’re looking for a stock with a confirmed and well-established buy signal – here it is – Goldman Sachs. The potential target remains the same -375 USD and chances we’ll get there are quite high.