Golden Egg?
Goldman Sachs has long been spoken of as a best-of-breed name. If one compares it to the bank ETFs on a YTD basis, it is in line with the XLF and IAI which all have gained between 8-9%. But over the last one-year period if one looks out further GS is actually positive, albeit marginally by 2%, while the IAI and XLF are lower by 6 and 10%. The stock on its WEEKLY chart has the look of digesting the impressive 4-week winning streak between the weeks ending 10/21-11/11/22, all of which CLOSED right at the top of their WEEKLY ranges. It is now fighting to clear the highs made from the week ending 1/20 which slumped 8.6% in the second-largest WEEKLY volume in 4 years. GS is now trading right at a 374.45 double-bottom pivot as it sits just 4% off most recent 52-week highs and if strength keeps materializing the WEEKLY chart has the look of a cup with handle and above 390 this one could conceivably get to the very round 500 number by the end of 2023.