GS – Goldman Sachs

This is a 5 year monthly chart that is looking bullish for the next year for GS. It recently broke above its resistance from the Bearish Engulfing candlestick pattern and appears to have started the next Bullish Impulse wave pattern. An pullback to the $240 area or below in the next couple of weeks, if a pullback does materialize, should be seen as an opportunity to purchase more shares. I say more shares because I also had GS listed as one of my favorite bank stocks in this article “10/23/2017 – The Goldman Sachs Group (GS) Pattern Search”

It looks like the handle from the Cup pattern could still be forming. A pullback to the $240 – $250 area would further the development of the handle in the pattern before a breakout commences. Use any pullbacks to start building a position or to add to a position.

If the Fed starts raising rates at a faster rate than they anticipated this year, which I think is possible, bank stocks are where to be for the year….