Sometimes companies that are in the same industry have similar charts. This is the case with investment banks Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM). Each has just rallied off of clear support.
Support is a large group of buyers who are all trying to pay the same price for their shares. At support levels, there is enough demand to absorb all of the shares that are offered. This is why downtrends end when they reach them.
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For Goldman, the support is at $348.50. If the stock heads south, there’s a good chance there is support there again.
The support for JPMorgan is at the $148 level. If the stock trends lower, there a good chance it finds support there once more.
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