3 Big Stock Charts for Thursday: Goldman Sachs, FedEx, and Biogen

This might have been a short week in the markets, but it certainly wasn’t lacking excitement. On Wednesday the investing community apparently started to feel that the curve may be flattening on the spread of the novel coronavirus. Today’s big stock charts show some of that optimism.

big stock charts
Source: Shutterstock

The proof of this upbeat sentiment was the gain of more than 3% in the S&P 500. It was a single-session move that started strong and built relentlessly throughout the trading day.

While most mega-cap stocks did well, a handful of names performed better than most. These standouts are worth examining, so let’s see what tale the charts are telling for Thursday’s three big stock selections.

Goldman Sachs (GS)

GS stock
Source: Provided by Finviz

If you want to bet on a recovery in the banking sector, an easy way is to take a position in Goldman Sachs (NYSE:GS) stock. This one was like a cash machine on Wednesday, but can traders bank on more gains?

  • That “W”-shaped double-bottom pattern is working out beautifully. This pattern is acting like a springboard, so prepare for more upside.
  • A stop-loss at the bottom of the “W” would make sense for cautious traders. That would be at the $140 level in this case.
  • There’s no lower wick at all on Wednesday’s candlestick. This thing just went up from the opening bell onward, and the rocket fuel probably isn’t depleted yet.

FedEx (FDX)

FDX stock
Source: Provided by Finviz

Investors received a special delivery of quick profits on Wednesday with FedEx (NYSE:FDX) stock. Will another expedited order of capital returns be shipped to faithful shareholders?

  • The widening channel is still trending downwards. Despite Wednesday’s big move, the price remains near the middle of the channel, so that’s neutral.
  • A higher low has been formed which is encouraging. Still, bulls will want to see a higher high soon for confirmation.
  • Overall the price action looks mildly bullish but it’s not a screaming buy at this level. Whatever you might decide to do, be sure to take profits at the strong $165 resistance level.

Biogen (BIIB)

BIIB stock
Source: Provided by Finviz

Traders love to talk about Biogen (NASDAQ:BIIB) stock as it’s one of the best-known names in biotechnology. Maybe you’ll feel the chemistry as the chart seems to suggest some major moves in the near future.

  • The horizontal support line at $270 is about as strong as you can get. Investors have made it clear that this is the line in the sand.
  • There’s a small symmetrical triangle in progress, but Wednesday’s big green candlestick poked above it. That’s fairly bullish but profits should be taken at the $340 resistance point.
  • The candlesticks have been large lately, so expect big moves to persist. Respect your stop-losses at all times!

As of this writing, David Moadel did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/04/3-big-stock-charts-for-thursday-goldman-sachs-fedex-and-biogen/.

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