Technical Analysis – Goldman Sachs stock gains on strong earnings
April 15, 2024 3:27 pm
Goldman Sachs shares pull back from record high levels
Jump back above 50-day SMA after solid Q1 earnings call
Short-term oscillators turn positive
Goldman Sach’s stock has been in a steady advance since October 2023, posting consecutive multi-month highs and peaking at 418.00 just shy of the record peak of 425.00. Although the price had been losing ground in the near term, it reclaimed the 50-day simple moving average (SMA) due to the upbeat Q1 earnings report.
To the upside, the stock could revisit its 2024 peak of 418.00. A violation of that region could set the stage for the record high of 425.00 registered in November 2021.
Should the stock reverse lower, immediate support at the February-March resistance zone of 396.50. Further declines could then come to a halt at the March low of 381.00. Even lower, the January bottom of 372.00 may provide downside protection.
In brief, Goldman Sach’s stock rally had taken a breather ahead of its Q1 earnings call, but the stronger-than-expected figures boosted its price back above the 50-day SMA.
Goldman Sachs shares pull back from record high levels
Jump back above 50-day SMA after solid Q1 earnings call
Short-term oscillators turn positive
Goldman Sach’s stock has been in a steady advance since October 2023, posting consecutive multi-month highs and peaking at 418.00 just shy of the record peak of 425.00. Although the price had been losing ground in the near term, it reclaimed the 50-day simple moving average (SMA) due to the upbeat Q1 earnings report.
To the upside, the stock could revisit its 2024 peak of 418.00. A violation of that region could set the stage for the record high of 425.00 registered in November 2021.
Should the stock reverse lower, immediate support at the February-March resistance zone of 396.50. Further declines could then come to a halt at the March low of 381.00. Even lower, the January bottom of 372.00 may provide downside protection.
In brief, Goldman Sach’s stock rally had taken a breather ahead of its Q1 earnings call, but the stronger-than-expected figures boosted its price back above the 50-day SMA.
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