Goldman Sachs Group Inc GS 0.12% shares are up 5.2 percent in the past five trading sessions after the company released disappointing first-quarter earnings numbers. The market initially punished Goldman for the miss, the worst among its peer group, but investors have since swooped in to buy Goldman shares on the dip.
Differing Opinions
Sell-side analysts may or may not have helped that rebound. While Dick Bove downgraded the name, two other firms upgraded the stock.
Bove downgraded Goldman from Buy to Hold, but Atlantic Equities and Citigroup upgraded the stock and urged investors to buy the post-earnings move.
The earnings report and subsequent analyst action have put some notable technical levels for Goldman in play. After peaking at an all-time high of $255.15 at the end of February, Goldman shares dropped as low as $213.18 following its earnings report. The $213 level is an important level technical level from a historical standpoint, as it represents major potential support. The $213 level represents Goldman’s previous all-time high from summer 2015 prior to the stock’s major post-election breakout. Goldman bulls are now hoping $213 support holds and puts Goldman back on a bullish track.
In the near term, Goldman traders will be watching to see if the $213 support level holds. At the same time, a move above $230 could indicate…
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