Swing Trade Idea – (GS) – June 17, 2020
Our bullish trade for Wednesday, June 17th is GS (Goldman Sachs Group Inc). GS is part of the Financials Sector (XLF). XLF has experienced a 16.58% gain in the last month and its 1M trend turned bullish on June 12th.
GS’s 1M and 6M trend turned bullish on June 12th and has recently pulled back providing a good buying opportunity to resistance at $222. With a technical score of 7 (out of 10), GS is a strong stock that will likely continue higher.
As a stop loss, if GS were to trade below $193 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $3.50.
