Goldman Sachs (NYSE:) is breaking out as the new month begins. The stock is trading at new all-time highs with the help of today’s 2.5% gain. This powerful move extends the stock’s 2021 gain to 46%. From the March 2020 lows, GS is up 110%. Since bottoming last October, GS has put in seven straight monthly gains on seven straight higher monthly lows. June looks to be the eighth straight.
We expect more upside in the near term for GS. Despite reaching new highs shares are well below overbought levels (daily MACD). Layers of support are now in place. The $373-$377 range is the initial support zone. On the downside, a close back below $361 would violate last week’s lows, sending a clear warning sign that the breakout has failed.
Note: We have no position.
You can read Gary S. Morrow’s original post here.
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