Goldman Sachs Group Incs (GS) stock retreated almost 5% yesterday, after the group posted lower-than-expected earnings per share and revenue during the first quarter of 2017.
Goldman Sachs shares registered their largest daily loss since June 24th 2016 during Tuesdays trading session. The stock went down 4.72% ($10.67) to $215.59, after touching an intraday low at $213.18, or a price level not seen since November 29th 2016 ($209.92). In the week ended on April 16th the shares of the bank holding company lost 2.00% 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 March 26th. The stock has extended its loss to 6.15% so far during the current month, following a 7.39% slump in March. The latter has been the largest monthly loss since February 2016. For the entire past year, Goldman Sachs shares gained 32.86%.
Earnings per share were reported to have increased to $5.15 in Q1 from $2.68 during the same period a year ago. However, the figure fell short of the median forecast by analysts, pointing to earnings of $5.31 per share. It has been the first time in 15 months, when the investment banks earnings did not exceed market consensus.
At the same time, the groups revenue was reported to have grown to $8.026 billion during the first three months of 2017 from $7.90 billion during the same period a year ago. In comparison, the median estimate by analysts had pointed to a revenue of $8.446 billion.
Revenue from equities trading shrank 6% in Q1 compared to the same quarter of 2016, while revenue from currency, commodity and bond trading remained little changed.
“The operating environment was mixed, with client activity challenged in certain market-making businesses and a more attractive backdrop for underwriting in our investment banking franchise”, Lloyd Blankfein, the groups Chairman and Chief Executive, said in a release, cited by Investing.com.
According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $257.50, with a high estimate of $291.00 and a low estimate of $190.00. The median estimate is a 19.44% surge compared to the closing price of $215.59 on April 18th.
The same media also reported that 13 out of 29 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.
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 – $216.21
R2 – $216.82
R3 (Range Resistance – Sell) – $217.44
R4 (Long Breakout) – $219.28
R5 (Breakout Target 1) – $221.44
R6 (Breakout Target 2) – $222.38
S1 – $214.97
S2 – $214.36
S3 (Range Support – Buy) – $213.74
S4 (Short Breakout) – $211.90
S5 (Breakout Target 1) – $209.74
S6 (Breakout Target 2) – $208.80
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 – $225.40
R1 – $227.71
R2 – $232.11
R3 – $234.42
R4 – $236.74
S1 – $221.00
S2 – $218.69
S3 – $214.29
S4 – $209.90
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
