Swing Trade Idea – (GS) – May 21, 2020
Our bearish trade for Thursday, May 21st is GS (Goldman Sachs Group Inc).
GS is part of the Financials Sector (XLF). XLF has experienced a 1.86% loss in the last month and its 6M trend turned neutral on May 18th.
GS’s 1M trend turned bullish on May 20th and 6M trend turned neutral on April 27th. Price has recently pulled back to provide a good shorting opportunity. With a technical score of 4 (out of 10), GS is a weak stock that will likely continue lower.
As a stop loss, if GS were to trade above $187 for multiple days, this would invalidate our analysis and we would consider cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves below $3.77.
