The bearish DailyPlay we chose for Wednesday, June 13th is Goldman Sachs (GS). GS is part of the Financial Sector (XLF). Over the last month, XLF has experienced a 1.10% move lower and its 1m and 6m trend turned bullish on 6/5 but recently bounced lower off its $28.20 resistance level.
Goldman Sach’s 1m and 6m trends turned bearish on 5/15 and recently bounced lower off its $235 resistance level. With a technical score of 3 (out of 10), GS is a weak stock that will likely trend lower.
As a stop loss, if GS was to trade above $235 for multiple days, this would invalidate our analysis and suggest getting out of the trade.