Goldman Sachs, JP Morgan and Citibank Forecasts – US Banks Drifting Early on Wednesday

Goldman Sachs Technical Analysis

The market for Goldman Sachs was pretty weak during the previous session, but we did bounce a bit from the $1,000 level. At this point, it looks like we may be testing that again during the day, as premarket trading is a little bit negative.

The dropping interest rates, of course, will come into the picture, but I do believe that $1,000 is an area where you’re probably going to see buyers jump back in, so this could end up being a nice play-the-bounce type of opportunity for a short-term trade. Longer term, it is still bullish, so if you’re looking to invest, that’s fine, just do so wisely. Don’t “jump all in” right away would be how I would play it.

JP Morgan Chase Technical Analysis

The market for JP Morgan is also a little soft early. These days, it looks like JP Morgan is settling into some type of range between $320 and $295 or so. We are at the top of that range; a little bit of a pullback makes sense.

That being said, we are very sideways. If you’re a range-bound trader, this might be a decent market for you. Keep an eye on secondary indicators such as the stochastic oscillator or something like that to help you out. This is a market that I do think eventually goes higher, but right down we are still stuck in that range.

Citibank Technical Analysis

And one that’s particularly interesting to me is Citibank. Citi looks like it’s trying to break above the $136 level. If it does, it could be off to the races. When you look at the longer-term chart, it has been grinding higher for a while. Breaking 136, I think at that point in time opens up another $4 pretty quickly. The premarket trading is a little bit negative, but it’s much more positive than the others in this video, so this could lead the way.

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