Swing Trade Idea (GS) – October 06, 2022
Our bullish trade for Thursday, October 6th is The Goldman Sachs Group Inc. (GS). GS is part of the Financial Sector, which has performed at -2.19% for the last month, with GS underperforming relative to its sector, at -5.36% over the same period.
GS had a sharp bounce higher towards the 21 Day EMA, where it is finding resistance, and strength is declining. The 1M and 6M trends are bearish, and we, therefore, expect some downside with the next support at $290. This provides a good risk/reward bearish entry.
As a close, if GS were to trade above $310 for multiple days, this would invalidate our analysis, and will consider cutting losses on the trade. We also will consider cutting losses on this options trade if the value of the vertical spread moves above $20.60.
