Goldman Sachs shares close higher on Monday, new investment banking co-heads appointed in Southeast Asia

Udhay Furtado and Harry Naysmith had been appointed as co-heads of Goldman Sachs’ investment banking division in Southeast Asia, an internal memo revealed. The document’s contents were confirmed by a spokesperson for the bank in Hong Kong.

Goldman Sachs shares closed higher for the sixth time in the past seven trading sessions on Monday. It has also been the steepest daily surge since September 12th. The stock went up 1.03% ($2.31) to $227.53, after touching an intraday high at $228.98, or a price level not seen since August 16th ($229.01). In the week ended on September 17th the shares of the bank holding company added 3.69% to their market value compared to a week ago, which marked the third gain in the past four weeks and also the strongest performance since the week ended on June 11th. The stock has extended its advance to 1.69% so far during the current month, following a 0.71% drop in August. The latter has been the first decrease in the past three months. For the entire past year, Goldman Sachs shares rose 32.86%. The stock has retreated 4.98% so far in 2017.

Having joined Goldman Sachs over a decade ago, Udhay Furtado most recently occupied a post at the group’s investment banking unit in Singapore.

Meanwhile, prior to his new appointment, Harry Naysmith served as managing director of Goldman Sachs investment banking operations in Indonesia.

According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $240.00, with a high estimate of $265.00 and a low estimate of $185.00. The median estimate is an 5.48% surge compared to the closing price of $227.53 on September 18th.

The same media also reported that 16 out of 29 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 10 – 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 – $227.83
R2 – $228.14
R3 (Range Resistance – Sell) – $228.44
R4 (Long Breakout) – $229.36
R5 (Breakout Target 1) – $230.42
R6 (Breakout Target 2) – $230.88

S1 – $227.23
S2 – $226.92
S3 (Range Support – Buy) – $226.62
S4 (Short Breakout) – $225.70
S5 (Breakout Target 1) – $224.64
S6 (Breakout Target 2) – $224.18

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 – $224.10
R1 – $229.22
R2 – $233.21
R3 – $238.33
R4 – $243.44

S1 – $220.11
S2 – $214.99
S3 – $211.00
S4 – $207.00