The bearish DailyPlay we chose for Thursday June 1st is Goldman Sachs (GS). GS is part of the Financial Sector (XLF). Over the last month, XLF has experienced a 1.82% move lower and its 1m and 6m trend has turned bearish today while breaking below its $23.40 support level.
Goldman Sachs’ 1m and 6m trends turned bearish on 5/30 and just bounced lower off its $225 resistance level on high volume. With a technical score of 4 (out of 10), GS is a strong bearish stock that looks to continue lower.
As a stop loss, if GS was to trade above $225 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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