Goldman Sachs shares fall for a fifth straight session on Wednesday, bank appoints Cai Wei as co-head of its Chinese investment banking unit

According to a report by Reuters, citing an internal memo by Goldman Sachs Group, the bank has appointed Cai Wei as partner and co-head of its investment banking unit in China. This is the first time when the Wall Street bank is to collaborate with a China partner from outside the financial group.

Goldman Sachs shares closed lower for a fifth consecutive trading session in New York on Wednesday. The stock edged down 0.22% ($0.50) to $227.82, with the intraday high and the intraday low being at $229.94 and $226.96 respectively.

Shares of Goldman Sachs Group Inc have retreated 10.57% so far in 2018 compared with a 3.50% gain for the underlying index, S&P 500 (SPX).

In 2017, Goldman Sachs’s stock rose 6.39%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

By assuming the new role, Cai Wei is expected to work closely with Zhu Hansong, the co-head of Goldman Sachss investment banking division in China, and Hong Ning, the chairman of the group’s investment banking division in greater China.

Previously, Cai Wei was a partner at Fountainvest, a private equity firm, while before that he had served as co-head of UBSs investment banking unit in China.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $280.00, with a high estimate of $330.00 and a low estimate of $200.00. The median estimate represents a 22.90% upside compared to the closing price of $227.82 on June 20th.

The same media also reported that 14 out of 29 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 9 – 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 – $228.09
R2 – $228.37
R3 (Range Resistance – Sell) – $228.64
R4 (Long Breakout) – $229.46
R5 (Breakout Target 1) – $230.42
R6 (Breakout Target 2) – $230.81

S1 – $227.55
S2 – $227.27
S3 (Range Support – Buy) – $227.00
S4 (Short Breakout) – $226.18
S5 (Breakout Target 1) – $225.22
S6 (Breakout Target 2) – $224.83

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 – $233.33
R1 – $236.82
R2 – $241.72
R3 – $245.21
R4 – $248.70

S1 – $228.43
S2 – $224.94
S3 – $220.04
S4 – $215.14