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July 20 Chart of the Day - Goldman Sachs

As the saying goes in baseball: "Swinnnggggggg and a miss!"

That's the type of sentiment around Goldman Sachs (GS) after they reported earnings on July 19th.

Profits plunged 58% during the second quarter as the Wall Street giant struggled with its core businesses while taking nearly $1 billion in charges on its real estate holdings.  It was the firm's lowest quarterly profit since early 2020.

Goldman's stock price was mixed after the announcement almost as if traders and investors shrugged it off.  How is this possible a fundamentalist may ask?

From a price action technical analysis perspective it seemingly was a non-event because since July 2022 price has been "squeezing" between $280 and $390 with opportunities to trade this chart in both directions.  Meaning, it's been making a series of higher lows, and lower highs.  Ultimately, price will have a decision to make in the not too distant future.

The $350 - $360 zone has become somewhat of a magnet in the form of a "change control zone" as taught in our Best Selling Price Action Mastery certification course.  In fact, the monthly chart contains all 5 price action tools that are taught in the course, of which all the 5 tools are available for free in every charting platform out there.  It's knowing how to apply them is where the real magic occurs.

This is certainly a chart we're keeping an eye on to see how price reacts and behaves around the mentioned levels.

So what's next?

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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