Goldman Sachs shares fall for the first time in six sessions on Monday, the group’s investment banking division to be co-headed by Nachmann, Lemkau

According to a May 8th internal memo by Goldman Sachs Group Inc, Gregg Lemkau, the bank’s M&A co-head, and Marc Nachmann, the bank’s financing group head, were appointed as co-heads of the group’s global investment banking division. A spokesperson for Goldman Sachs had acknowledged the details in the memo, Reuters reported.

Goldman Sachs shares closed lower for the first time in the past six trading sessions on Monday. The stock went down 0.81% ($1.84) to $225.03, after touching an intraday low at $224.60, or a price level not seen since May 3rd ($224.32). In the week ended on May 7th the shares of the bank holding company added 1.37% to their market value compared to a week ago, which marked a second consecutive period of gains, but yet, the smallest increase since the week ended on April 2nd. The stock has pared its advance to 0.55% so far during the current month, following a 2.58% slump in April. The latter has been a second consecutive month of losses. For the entire past year, Goldman Sachs shares gained 32.86%.

The two executives will join John Waldron in the group’s investment banking business, which focuses on advisory services in regard to equity and debt underwriting as well as mergers.

Previously serving as M&A head for Goldman’s divisions in Europe and the Asia-Pacific region, Gregg Lemkau was appointed as co-head of the bank’s global M&A operations in 2013.

Meanwhile, Marc Nachmann was appointed as co-head of Goldmans financing group in 2014.

The memo also said that Richard Gnodde, the groups London banking head, would assume the role of Chief Executive Officer of Goldman Sachs International.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $250.00, with a high estimate of $275.00 and a low estimate of $190.00. The median estimate is an 11.10% surge compared to the closing price of $225.03 on May 8th.

The same media also reported that 12 out of 30 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 – $225.28
R2 – $225.53
R3 (Range Resistance – Sell) – $225.78
R4 (Long Breakout) – $226.54
R5 (Breakout Target 1) – $227.42
R6 (Breakout Target 2) – $227.78

S1 – $224.78
S2 – $224.53
S3 (Range Support – Buy) – $224.28
S4 (Short Breakout) – $223.52
S5 (Breakout Target 1) – $222.64
S6 (Breakout Target 2) – $222.28

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 – $225.56
R1 – $230.20
R2 – $233.52
R3 – $238.16
R4 – $242.79

S1 – $222.24
S2 – $217.60
S3 – $214.28
S4 – $210.95