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Ichimoku Watch: Goldman Sachs Preparing to Retest Record Highs

Ichimoku Watch: Goldman Sachs Preparing to Retest Record Highs, FP Markets

According to the Ichimoku Indicator, Goldman Sachs (ticker: GS) is set to target recent all-time highs of $471.

You will note that the stock was on the back foot at the end of May and formed a correction that has been bought into from lows of $447 and forced price action back above the Conversion Line.

The correction was shaped by way of a bullish flag pattern which was recently completed. Now, depending on where one has determined the pole’s start and end (the chart shown here has used the low of $387 and the all-time high), traders may use the breakout above the bullish flag pattern’s upper boundary to go ahead and project the take-profit objective from the breakout point.

In addition to the close above the Conversion Line, we can also see that the Ichimoku Cloud support has been active since the Leading Span A ventured above the Leading Span B in December 2023 (though, as of current price, this is not considered immediate support). It is also clear that since the Conversion Line crossed back above the Base Line in April, we have seen strong upside in the stock’s share price. Adding to this, the stock is trading below the Lagging Span – another bullish signal.

Price Direction?

Based on the breakout above the bullish flag pattern, the uptrend, and all components of the Ichimoku Indicator suggesting bulls are in control, the chart implies buyers could continue to support this market, perhaps challenge the record high of $471, and navigate into unchartered territory.

Ichimoku Watch: Goldman Sachs Preparing to Retest Record Highs, FP MarketsDISCLAIMER:

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  • Ichimoku Watch: Goldman Sachs Preparing to Retest Record Highs, FP Markets
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