Goldman Sachs Group Inc (GS)

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Trading JPMorgan and Goldman Sachs: Bank Earnings Preview
By: TheStreet | April 13, 2021

• JPMorgan, Goldman Sachs and other banks are set to kick off earnings season. Here's how the charts look going into the reports.

The bank stocks have been on fire lately, with JPMorgan Chase (JPM), Goldman Sachs (GS), Morgan Stanley (MS) and others leading the charge.

Investors have been piling into these names for a multitude of reasons. New deals - be it in M&A or new public offerings - have helped fuel top- and bottom-line growth for some firms.

For others, it’s the rebound in the economy that has investors bullish.

Just recently, the Federal Reserve also said it plans to lift restrictions on share buyback programs and dividend payouts from the banks.

Finally, with earnings just around the corner, the optimism is spilling over into the stock prices.

Let’s look at a few charts as JPMorgan, Goldman Sachs and Wells Fargo (WFC) get set to report earnings on Wednesday.

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Trading Goldman Sachs


Daily chart of Goldman Sachs.

Chart courtesy of TrendSpider.com

Goldman Sachs has not had as much bullish energy as JPMorgan lately, with support coming in between $325 and $330.

Shares are hovering just above the 10-week and 50-day moving averages, an area that bulls will want to see hold as support after earnings.

If these measures fail, it puts the $307 to $309 area in play. The latter range of this zone was a key breakout spot in February. However, that breakout also left a small gap in play, near the lower end of that range, around $307.

On the upside, $335 has been resistance over the past few weeks. Clearing that level would be a big confidence boost for the bulls, putting $350 and the 52-week high of $356.85 in play.

Above that and $370 is on the table, which is the two-times range extension.

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