Stock of the Day: Goldman Sachs

In today’s Stock of the Day, we’re looking at Goldman Sachs (GS), which reported earnings yesterday — and while the numbers beat expectations, the market reaction was muted.

Goldman topped both EPS and revenue estimates, yet the stock rose by less than 1% on the day. That may have disappointed some bulls hoping for a more explosive move, but the technical setup remains constructive.

The stock is still trending higher, supported by a black uptrend line that’s held steady for weeks. More recently, GS has been consolidating in a wedge pattern, marked with purple lines — a typical continuation formation during an uptrend.

Price recently bounced off the lower boundary of the wedge, and is now approaching the upper line, setting up for a potential breakout to the upside. If that breakout happens, it would confirm the bullish continuation and generate a long-term buy signal.

On the flip side, a breakdown below both the black uptrend line and the nearby blue horizontal support would flip the script and trigger a sell signal — but at the moment, that scenario seems less likely.

For now, all eyes are on the upper edge of the wedge — and whether GS has the momentum to break out and resume its longer-term uptrend.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-goldman-sachs-4