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.

Fundamental View

  • Lower yields provide a challenging environment for banks & brokerage
  • Trading volumes decline with consumer divisions losses mounting
  • Earnings July 15th (55 days)

Technical View

  • Head & Shoulders formation around $181 resistance
  • Weak relative strength score (4 out of 10)
  • Rangebound price action, looking for a move lower towards $170

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