Goldman (GS) – Retail & Yields Headwind – May 22nd, 2020
The bearish DailyPlay for Friday, May 22nd is Goldman Sachs (GS). GS has rallied 2.34% in the last month and 1m and 6m turned bullish and neutral on May 20th, but remains rangebound with weak relative strength.
- Lower yields provide a challenging environment for banks & brokerage
- Trading volumes decline with consumer divisions losses mounting
- Earnings July 15th (55 days)
- Head & Shoulders formation around $181 resistance
- Weak relative strength score (4 out of 10)
- Rangebound price action, looking for a move lower towards $170