According to a February 27th regulatory filing, Goldman Sachs Group Incs 1.1 million square foot office in London is expected to be occupied in 2019. Upon completion, the new office building would equal approximately half the size of the banks executive offices at 200 West Street in New York.
Goldman Sachs shares closed higher on Monday, rebounding after a three-day string of losses. The stock went up 0.80% ($1.98) to $249.33, with the intraday high and the intraday low being at $249.76 and $246.61 respectively. It has been the sharpest daily surge since February 14th. In the week ended on February 26th the shares of the bank holding company lost 1.21% of their market value compared to a week ago, which marked the first drop in the past five weeks. However, the stock has extended its advance to 8.73% so far during the current month, following a 4.23% slump in January. The latter has been the first monthly loss since September 2016. For the entire past year, Goldman Sachs shares gained 32.86%.
According to a person familiar with the matter, the holding company will be allowed to adjust the number of floors it occupies in the new office building, an option that was agreed on before the June 23rd 2016 referendum on EU membership.
While other leading banks have started to hint on their plans in case of a “hard Brexit” scenario, Goldman Sachs seems to continue expanding its presence in the UK capital city.
According to the bank, a Brexit scenario could “materially adversely affect” its business operations in Europe and could trigger certain restructuring processes.
As reported by Reuters last year, Goldman Sachs intended to relocate some of its assets and operations in Frankfurt.
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 – $249.62
R2 – $249.91
R3 (Range Resistance – Sell) – $250.20
R4 (Long Breakout) – $251.06
R5 (Breakout Target 1) – $252.07
R6 (Breakout Target 2) – $252.51
S1 – $249.04
S2 – $248.75
S3 (Range Support – Buy) – $248.46
S4 (Short Breakout) – $247.60
S5 (Breakout Target 1) – $246.59
S6 (Breakout Target 2) – $246.15
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 – $248.70
R1 – $251.30
R2 – $255.25
R3 – $257.85
R4 – $260.45
S1 – $244.75
S2 – $242.15
S3 – $238.20
S4 – $234.25