Goldman Sachs shares fall for the first time in three sessions on Friday, holding sells Venezuelan bonds worth $300 million

According to a June 30th report by the Wall Street Journal, the asset management unit of Goldman Sachs Group Inc (GS) has sold Venezuelan bonds worth at least $300 million, which it purchased in May. The WSJ cited sources with knowledge of the matter. However, Goldman Sachs refused to comment on the deal.

Goldman Sachs shares closed lower for the first time in the past three trading sessions on Friday. It has also been the steepest daily loss since June 23rd. The stock went down 1.12% ($2.51) to $221.90, with the intraday high and the intraday low being at $226.05 and $221.54 respectively. In the week ended on July 2nd the shares of the bank holding company added 2.17% to their market value compared to a week ago, which marked the first gain in the past three weeks. The stock rose 5.04% in June, which has been the first gain in the past four months. For the entire past year, Goldman Sachs shares gained 32.86%.

According to the WSJ, four or five hedge funds in New York and London purchased the bonds issued by Petróleos de Venezuela SA, a state-owned oil firm, for a price of 32.5 cents on the dollar. In comparison, Goldman Sachs had paid 31 cents on the dollar for these instruments.

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 $185.00. The median estimate is a 12.66% surge compared to the closing price of $221.90 on June 30th.

The same media also reported that 12 out of 29 surveyed investment analysts had rated Goldman Sachs’s stock as “Buy”, while 11 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, Mondays levels of importance for the Goldman Sachs stock are presented as follows:

R1 – $222.31
R2 – $222.73
R3 (Range Resistance – Sell) – $223.14
R4 (Long Breakout) – $224.38
R5 (Breakout Target 1) – $225.83
R6 (Breakout Target 2) – $226.42

S1 – $221.49
S2 – $221.07
S3 (Range Support – Buy) – $220.66
S4 (Short Breakout) – $219.42
S5 (Breakout Target 1) – $217.97
S6 (Breakout Target 2) – $217.38

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 – $222.80
R1 – $227.89
R2 – $233.89
R3 – $238.98
R4 – $244.08

S1 – $216.80
S2 – $211.71
S3 – $205.71
S4 – $199.72