Corey Rosenbloom: Leading Financial stocks JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group Inc (NYSE:GS) topped the list of “Strong Dow Jones Stocks Getting Stronger” last night.
Let’s do a quick update and plan what opportunities are in store for trading these big names.
Goldman Sachs Daily Chart (GS):
After the January sell-swing ended into the $172.50 level, buyers propelled the stock $25.00 higher toward the current $208.00 per share peak.
At this point, we’re seeing a logical pullback (retracement) that targets the $205.00 area (or slightly lower) which is the overlap of the May low and 20 day EMA.
If sellers instead trigger a larger retracement, Goldman shares would be a short-term bearish support-break candidate under $203.00 to target the $200.00 level again.
Otherwise, this stock continues to remain on a “strong getting stronger” watchlist to buy the pullback near $205.00 or bullish breakout above $208.00.
We’re seeing the same thing – at different levels – in JP Morgan Chase (JPM):
Similarly, buyers propelled JPM up from $54.00 to the current $67 per share peak.