2023-01-16 • Updated
The Q4 earnings season has been interesting, mainly because of the turbulent global economic outlook. On this premise, analysts forecast a disappointing performance for several stocks ahead of the Q4 earnings report publishing.
As seen in the chart above, GS stock is currently approaching the daily resistance level despite being in an uptrend (as deduced from the Moving Averages), which means there is a real chance the stock will react under the gloomy forecasts. Should this be the case, we may see rates drop as much as $345 in the near future.
From a strictly technical point of view, Morgan Stanley is preparing for a drop. This bias is based on the recent reaction from the daily resistance area, which broke the structure downwards before bouncing off the 200-Day Moving Average. If the price follows this reaction, we could see rates slide toward $86 even though the Moving Average crossover suggests a bullish trend in the longer term.
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