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Goldman Sachs shares close higher on Monday, group reveals two EU hubs following Brexit

According to Lloyd Blankfein, Goldmans Chief Executive Officer, there will be two Goldman hubs in Europe, one in Frankfurt and one in Paris, after Britain leaves the European Union. At the same time, Goldman Sachss personnel will be given the freedom to decide to which one of them they will be relocated after leaving London.

Goldman Sachs shares closed higher for the fifth time in the past twelve trading sessions on Monday. The stock inched up 0.05% ($0.11) to $238.13, with the intraday high and the intraday low being at $238.58 and $237.11 respectively.

In the week ended on November 19th the shares of the bank holding company lost 0.89% of their market value compared to a week ago, which marked a second consecutive period of decrease.

The stock has pared its loss to 1.79% so far during the current month, following a 2.23% surge in October. The latter has been a second consecutive month of gains.

For the entire past year, Goldman Sachs shares rose 32.86%. However, the stock has dipped 0.55% so far in 2017.

The majority of Goldmans operations in Europe are currently concentrated in the UK, with its headcount there being almost 6 000. The group is seeking to ensure continuation of services for its EU client segment post-Brexit.

“We will have more employees on the continent. Some, if they want to, would come from London, we will hire others”, Lloyd Blankfein told French newspaper Le Figaro. “But we won’t have a single hub, but two – Frankfurt and Paris … Brexit pushes us to decentralise our activities. In the end, its the people who will largely decide where they prefer to live”, he added.

Goldmans CEO also noted that the group was nearing a moment when decisions should be made regardless of what post-Brexit scenarios unfolded.

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 $287.00 and a low estimate of $190.00. The median estimate is a 4.98% surge compared to the closing price of $238.13 on November 20th.

The same media also reported that 17 out of 28 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 9 – as “Buy”. On the other hand, 1 analyst 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 – $238.26
R2 – $238.40
R3 (Range Resistance – Sell) – $238.53
R4 (Long Breakout) – $238.94
R5 (Breakout Target 1) – $239.41
R6 (Breakout Target 2) – $239.61

S1 – $238.00
S2 – $237.86
S3 (Range Support – Buy) – $237.73
S4 (Short Breakout) – $237.32
S5 (Breakout Target 1) – $236.85
S6 (Breakout Target 2) – $236.65

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 – $237.49
R1 – $241.43
R2 – $244.84
R3 – $248.78
R4 – $252.72

S1 – $234.08
S2 – $230.14
S3 – $226.73
S4 – $223.32 is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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