Goldman Sachs shares gain a second straight session on Monday, $1 billion countersuit filed against a businessperson from Indonesia

On January 24th the DJIA-featured Goldman Sachs Group Inc (GS) filed a $1 billion counter lawsuit against a businessperson from Indonesia, who accused the bank holding of conducting “unlawful” trades in a property firms stock. According to Goldmans statement, the counterclaim was filed in regard to “the reputational damage and negative business impact” the charges had caused.

Goldman Sachs shares closed higher for a second consecutive trading session on Monday. The stock edged up 0.20% ($0.47) to $232.67, with the daily high and the daily low being at $233.75 and $230.75 respectively. In the week ended on January 22nd the shares of the bank holding company lost 4.95% of their market value compared to a week ago, which marked a second consecutive period of decline and also the worst performance since the week ended on April 10th 2016. However, the stock has pared its slump to 2.83% so far during the current month, following a 9.19% surge in December. The latter has been a third straight month of gains. For the entire 2016, Goldman Sachs shares gained 32.86%.

On September 8th 2016 Benny Tjokrosaputro, the president director of property developer PT Hanson International Tbk, filed a lawsuit in Jakarta against Goldman Sachs International. He was reported as seeking a compensation at the amount of 15 trillion Indonesian rupiahs (or $1.1 billion) from Goldman Sachs International, while insisting that the Goldman units assets be frozen in Indonesia. Tjokrosaputro also claimed ownership of the 425 million Hanson International shares, which the US bank holding company operated with.

In a response to such claims, Goldman Sachs was reported to have said Goldman Sachs International was the legal owner of the above mentioned shares.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Goldman Sachs stock are presented as follows:

R1 – $232.95
R2 – $233.22
R3 (Range Resistance – Sell) – $233.50
R4 (Long Breakout) – $234.32
R5 (Breakout Target 1) – $235.28
R6 (Breakout Target 2) – $235.69

S1 – $232.40
S2 – $232.12
S3 (Range Support – Buy) – $231.85
S4 (Short Breakout) – $231.02
S5 (Breakout Target 1) – $230.06
S6 (Breakout Target 2) – $229.65

By using the traditional method of calculation, the weekly levels of importance for Goldman Sachs Group Inc (GS) are presented as follows:

Central Pivot Point – $235.27
R1 – $240.00
R2 – $247.79
R3 – $252.51
R4 – $257.24

S1 – $227.47
S2 – $222.75
S3 – $214.95
S4 – $207.16