Stocks of Goldman Sachs Rose On Fraud Settlement – July 21, 2010

The Goldman Sachs Group, Inc. or GS as listed in the New York Stock Exchange is currently involved in investment banking, asset management and other financial services. Its second-quarter net income fell 83% to $453 million due to its settlement of civil fraud charges with the Securities and Exchange Commission in the US and betting on a drop in stock-market volatility. During yesterday’s trading session, its stock value continued to go up by 2.2% to $148.91 per share following its fraud settlement. Note also that Goldman Sachs, like in the case of Citigroup which I posted the other day (kindly check here), had positive earnings result for this year’s 2nd quarter, suggesting that the financial sector is indeed recovering well.

The Goldman Sachs stocks has now tripled its value when it was doing $48 back during the 2008 financial crisis. At present, its shares could further head up but could encounter some selling pressure at the $152.00 resistance. If GS successfully breaches above that level, the next critical level could be the 2-year resistance line. If the stock price starts to retreat, on the other hand, the immediate support could be $141.55. And if that level gets taken out and the stocks slide lower, the next support could be $129.50.

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