Goldman Sachs shares close higher on Monday, $27 billion in outflows from Goldman Sachs Asset Management reported by the FT

According to a post by the Financial Times, citing Morningstar data, an estimated $26.7 billion have been pulled by investors from Goldman Sachs Asset Management’s mutual funds so far this year. This ranked Goldman Sachs as the worst-selling fund manager worldwide.

Goldman Sachs shares closed higher for the third time in the past five trading sessions on Monday. It has also been the smallest daily gain since June 6th. The stock edged up 0.25% ($0.56) to $225.84, with the intraday high and the intraday low being at $227.34 and $223.96 respectively. In the week ended on July 9th the shares of the bank holding company added 1.52% to their market value compared to a week ago, which marked a second consecutive period of gains, but yet, it has been the smallest increase since the week ended on May 7th. The stock has extended its advance to 1.78% so far during the current month, following a 5.04% surge in June. The latter has been the first gain in the past four months. For the entire past year, Goldman Sachs shares gained 32.86%.

Goldman Sachs Asset Management’s revenue was reported to have shrunk 7% last year, while earnings went down 17%. Additionally, the first quarter of 2017 saw revenue tumbling another 7% in comparison with the last quarter of 2016.

According to the Financial Times, the almost $27-billion outflow from Goldman Sachs Asset Management’s mutual funds equals more than half of the asset manager’s strategies on a global scale.

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 10.70% surge compared to the closing price of $225.84 on July 10th.

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 – $226.15
R2 – $226.46
R3 (Range Resistance – Sell) – $226.77
R4 (Long Breakout) – $227.70
R5 (Breakout Target 1) – $228.78
R6 (Breakout Target 2) – $229.25

S1 – $225.53
S2 – $225.22
S3 (Range Support – Buy) – $224.91
S4 (Short Breakout) – $223.98
S5 (Breakout Target 1) – $222.90
S6 (Breakout Target 2) – $222.43

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 – $226.25
R1 – $229.09
R2 – $232.89
R3 – $235.73
R4 – $238.56

S1 – $222.45
S2 – $219.61
S3 – $215.81
S4 – $212.00