Goldman Sachs shares gain for a third session in a row on Tuesday, fixed income trading conditions not better since Q2, CFO Chavez says

According to Marty Chavez, Goldman Sachs Chief Financial Officer, market conditions for fixed income trading have not become much better since the second quarter. Low volatility, the major reason for the groups 40% slump in bond trading revenue in Q2, had continued into the current quarter, he noted. GS fell behind rivals such as JP Morgan Chase & Co, Bank of America Corp and Morgan Stanley in terms of trading performance in the second quarter.

Goldman Sachs shares closed higher for a third consecutive trading session on Tuesday. The stock went up 0.74% ($1.67) to $227.00, after touching an intraday high at $228.62, or a price level not seen since July 18th ($230.36). In the week ended on July 30th the shares of the bank holding company added 1.56% to their market value compared to a week ago, which marked the fourth gain in the past five weeks and also the strongest performance since the week ended on July 2nd. The stock has risen 0.74% so far during the current month, following a 1.55% surge in July. The latter has been a second consecutive monthly gain, but yet, the smallest one since November 2015. For the entire past year, Goldman Sachs shares rose 32.86%.

The financial holding was striving to engage with customers about areas it can improve on, Chavez told fixed income investors during a call.

“We are asking them how were doing with them, whats working, whats not, what they like to see more of and less of,” the CFO was quoted as saying by Reuters.

The banks current focus is set on provision of services for large corporations as well as asset management companies, while in the past it emphasized more on services for hedge funds.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $245.00, with a high estimate of $275.00 and a low estimate of $185.00. The median estimate is a 7.93% surge compared to the closing price of $227.00 on August 1st.

The same media also reported that 13 out of 28 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 11 – 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 – $227.17
R2 – $227.35
R3 (Range Resistance – Sell) – $227.52
R4 (Long Breakout) – $228.04
R5 (Breakout Target 1) – $228.65
R6 (Breakout Target 2) – $228.89

S1 – $226.83
S2 – $226.65
S3 (Range Support – Buy) – $226.48
S4 (Short Breakout) – $225.96
S5 (Breakout Target 1) – $225.35
S6 (Breakout Target 2) – $225.11

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 – $221.78
R1 – $225.57
R2 – $227.52
R3 – $231.31
R4 – $235.09

S1 – $219.83
S2 – $216.04
S3 – $214.09
S4 – $212.13