Goldman Sachs ($GS): Trend Channel in Focus

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Goldman Sachs has been trending higher since our analysis two months ago, prompting us to reevaluate our stance. We’ve concluded that it makes more sense to remain bullish for now and not anticipate a bearish scenario at this stage. We are particularly encouraged by how consistently GS has respected its trend channel, which strengthens our belief that it will continue to hold. However, there is a significant concern: we don’t want to see GS losing this trend channel or creating a false breakdown, only to trap bears and continue higher.

Goldman Sachs has its earnings call scheduled for the same day as BlackRock and JP Morgan this Wednesday. This adds pressure, and with additional uncertainty from the upcoming political shifts, such as the inauguration of Trump, the potential impact on GS, BLK, and JPM remains unclear.

Setting a limit at the 23.6%-38.2% Fibonacci levels feels too risky given the current environment and the uncertainty in the near future. While we favor this updated bullish scenario over the previous one, the bearish scenario isn’t entirely off the table. It could quickly come back into play if GS loses key support levels.

For now, GS needs to touch the $536–$489 zone and reclaim the trend channel promptly to validate our bullish scenario. If it fails to do so, we’ll need to approach with extreme caution, and as a result, we are not rushing into a trade at the moment.