Goldman Sachs shares gain a third straight session on Tuesday, COO Cohn parts ways with holding for a new appointment in Washington

Gary Cohn, former President and Chief Operating Officer at Goldman Sachs Group Inc (GS), received $85 million in cash and stock related payments, as he parted ways with the DJIA-featured bank holding to assume a new appointment in the Trump administration. Last month Cohn announced his leave from Goldman Sachs in order to assume the role of economic adviser to the White House.

Goldman Sachs shares closed higher for a third consecutive trading session on Tuesday. The stock went up 0.43% ($1.01) to $233.68, after touching a daily high at $236.06, or a level not seen since January 18th ($237.69). 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 2.41% 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%.

In order to prevent conflicts of interest, Cohn had to divest his holdings in Goldman Sachs stock with a total value of $65 million, an amount he received in cash.

Additionally, Cohn was paid $20 million as a total compensation for 2016, as stated in a regulatory filing. The amount included a $1.85 million salary and $18.15 million in stock-related awards.

In the mean time, Goldman Sachs said it would buy back Cohns stakes in private equity funds and hedge funds under management by the NYSE-listed group, without specifying an exact amount.

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 – $234.16
R2 – $234.64
R3 (Range Resistance – Sell) – $235.12
R4 (Long Breakout) – $236.55
R5 (Breakout Target 1) – $238.23
R6 (Breakout Target 2) – $238.96

S1 – $233.20
S2 – $232.72
S3 (Range Support – Buy) – $232.24
S4 (Short Breakout) – $230.81
S5 (Breakout Target 1) – $229.13
S6 (Breakout Target 2) – $228.40

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