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Goldman Sachs - a potential setup here on the daily chart

Chart & Data from IG

By Minipip
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A potential setup here on the daily chart

Taking a look at Goldman Sachs it seems like the consolidation phase after the minor pullback may now be over, Currently, its stock is trading at around $464.50 a share in the pre-market trade. The daily chart is demonstrating a potential setup for another push higher here for the financial bank. The pullback lasted approximately the same amount of time as the one in April, with a similar drawdown percentage. The support is established at $439.18 and a break below it could lead to a further sell-off, as it would indicate that momentum has faded. In that scenario, investors could turn to the area of $410-$420 looking for support. Towards the upside, the resistance in the spotlight is the price level of $465.08. A move above this level would increase the likelihood of an extension towards the previous high of $473.20. Looking at the technical indicators, they certainly are lined up for a push higher. The MACD seems to be turning positive, just as it had done back in April. The RSI has also now turned positive as it reads 55.

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