Why is Goldman Sachs stock surging today?
Summary
Shares of Goldman Sachs are experiencing a significant upward movement in the market today. Investors and analysts are closely monitoring the financial institution as its stock price climbs notably.
Our Take
Goldman delivered a strong quarter: $18.68 billion in revenue, up 23% from a year ago, and earnings of $17.01 per share. Equities trading revenue jumped 72% and investment banking got a lift from more M&A and IPO activity. Solomon called it the firm's second-best revenue quarter ever, so the premarket pop makes sense to me. GS is trading around $936, up close to 5% from Monday's $893.95 close.
What I like on the chart is where this gap lands. GS slid from about $1,029 in early September to a low of $868.52 on October 7, roughly 16% off. This move takes back a good piece of that drop in one shot, so the downtrend is being challenged, not confirmed.
Key levels for Tuesday:
- Support: $916, the late-September closing area. Holding above it keeps the gap intact.
- Resistance: $936, the premarket high, then $955, the September 23 high.
If GS holds above $916 after the open, a push through $936 toward $955 is the setup I would watch. If it falls back under $916, that would tell me the gap is fading and the September downtrend is still in charge.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at Stock Market News