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Goldman Sachs said its estimated probability of a no-deal Brexit was now 15%, up from 10% previously, after British Prime Minister Theresa May announced her resignation in London on Friday. May said she intended to step down as the leader of the Conservative Party on June 7th.

Goldman Sachs shares closed higher for the seventh time in the past twelve trading sessions in New York on Friday. The stock went up 0.54% ($1.03) to $193.00, after touching an intraday high at $194.07, or a price level not seen since May 22nd ($198.48).

Shares of Goldman Sachs Group Inc have risen 15.53% so far in 2019 compared with a 12.73% gain for the benchmark index, S&P 500 (SPX).

In 2018, Goldman Sachs Group’s stock went down 34.43%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

According to Goldman Sachs economist Adrian Paul, a Brexit deal could no longer be ratified in the second quarter.

”We pencil in an orderly EU withdrawal in late 2019 or early 2020, but our conviction is low,” Paul wrote in a note to investors, cited by Reuters.

”We revise up our probability of “no deal”… not because this Parliament (or indeed the next) is likely to coalesce in favor of its pursuit, but because the recent performance of the Brexit Party and the Eurosceptic credentials of the next Prime Minister may strengthen the case for including “no deal” on the ballot in a second referendum to unlock the impasse,” Paul also noted.

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $222.50, with a high estimate of $312.00 and a low estimate of $170.00. The median estimate represents a 15.28% upside compared to the closing price of $193.00 on May 24th.

The same media also reported that 14 out of 29 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 10 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Weekly Pivot Levels

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 – $193.96
R1 – $198.36
R2 – $203.72
R3 – $208.12
R4 – $212.52

S1 – $188.60
S2 – $184.20
S3 – $178.84
S4 – $173.48

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