Goldman Sachs shares retreat for a third straight session on Friday, executive compensation scheme approved by holding’s shareholders

At the Goldman Sachs annual meeting, held on April 28th, 93% of shareholders voted in favor of the compensation scheme for Chief Executive Officer Lloyd Blankfein. The meeting, on the other hand, saw no shareholder proposals to be voted on. In 2016, the banks “say on pay” resolution was supported by 66% of voters.

Goldman Sachs shares closed lower for a third straight trading session on Friday. It has also been the steepest daily loss since April 18th. The stock went down 0.89% ($2.01) to $223.80, with the intraday high and the intraday low being at $226.77 and $223.72 respectively. In the week ended on April 30th the shares of the bank holding company added 3.20% to their market value compared to a week ago, which marked the first gain in the past four weeks and also the best performance since the week ended on December 11th 2016. The stock has extended its loss to 2.58% in April, 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%.

The compensation structure for Goldman Sachs Chief Executive was simplified, with Blankfeins entire equity awards being tied to performance. At the same time, the long-term incentive award was eliminated.

The banks 2016 pay scheme was endorsed by proxy firm Institutional Shareholder Services Inc, after shareholders were urged not to support the proposal last year.

In 2016, Lloyd Blankfein was awarded $22 million, or a 4% lower pay compared to the preceding year, as the groups revenue remained below expectations in H1.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $252.00, with a high estimate of $291.00 and a low estimate of $190.00. The median estimate is a 12.60% surge compared to the closing price of $223.80 on April 28th.

The same media also reported that 12 out of 29 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, and 12 – as “Buy”. On the other hand, 2 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 – $224.08
R2 – $224.36
R3 (Range Resistance – Sell) – $224.64
R4 (Long Breakout) – $225.48
R5 (Breakout Target 1) – $226.46
R6 (Breakout Target 2) – $226.85

S1 – $223.52
S2 – $223.24
S3 (Range Support – Buy) – $222.96
S4 (Short Breakout) – $222.12
S5 (Breakout Target 1) – $221.14
S6 (Breakout Target 2) – $220.75

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 – $224.49
R1 – $228.67
R2 – $233.55
R3 – $237.73
R4 – $241.92

S1 – $219.61
S2 – $215.43
S3 – $210.55
S4 – $205.68