Goldman Sachs GS-N rallied from US$130.85 in 2020 to US$426.16 in 2021 (A-B), declined to US$277.84 in 2022 (C), and then settled in a wide horizontal trading range mostly between US$285 and US$390 (dashed lines). The recent rise above the top of this range signaled a breakout and the start of a new uptrend toward higher targets (D).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. There is good support at US$375-380; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of US$430 and US$460. The large trading range (dashed lines) supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
Monica Rizk