Goldman Sachs attempting to breakout


November 2020


Alex Cole

On Monday in our Flight Path newsletter we highlighted Goldman Sachs. We see outperformance in the financial sector as the market rotates into new leadership.
We mentioned that price has consolidated sideways in a range since the crash from the pandemic.
While a new “Go” flag had been displayed on November 9th we discussed that there was strong overhead resistance from the range and that price would need to take out those prior highs in order to see a sustained up trend.
We did think it was possible though as this rally was accompanied by strong volume as shown by the GoNoGo Oscillator.
Now, this week price has indeed rallied and we see it is making a serious attack on the resistance levels. If it can solidify its place at and above 225 then that bodes well for this Go trend to finally take hold.