Stock of the day: Goldman Sachs

In today’s Stock of the Day, let’s dive into Goldman Sachs, which ended last week on a strong note, delivering a clear buy signal. Over the past year, the stock has consistently followed an uptrend, supported by the long-term red uptrend line. This steady upward momentum has been reinforced in recent months, where we observed the formation of an ascending triangle pattern—a bullish formation. The pattern is characterized by a horizontal resistance at $512, marked with an orange line, and dynamic support from the rising uptrend line.

Throughout the last few weeks, the price made several attempts to break through this horizontal resistance, each time facing rejection. However, last Friday, we saw a significant move as the price finally managed to break above this key resistance level, closing both the day and the week above $512. This breakout indicates a solid buy signal and suggests further gains could be on the horizon.

The sentiment around Goldman Sachs is positive, and as long as the price continues to hold above the red uptrend line, the stock remains in bullish territory. However, if the price dips back below this line, the sentiment could shift. For now, the breakout confirms the bullish trend, making it an interesting stock to watch for further upside momentum.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-goldman-sachs-2