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Asset Watch
Tuesday, December 20, 2022
Supporting the bull case, the stock sports a confirmed breakout above its declining resistance line (the grey line), and it’s normal to backtest the breakout before continuing the medium-term uptrend. Therefore, a retracement to roughly $330 may be in the cards, but development is constructive because the 200-day moving average ($328) is right near the backtest point, which adds another layer of support.
The 100-day MA ($341) is where the battle should begin, as the bulls will look to hold the key level. But, if risk-off sentiment dominates into year-end, the 200-day MA may be where the momentum reverses.
Should we view the headcount reduction as positive? Or do the layoffs signal something ominous about Goldman Sachs’ fundamental prospects in 2023?
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