GOLDMAN SACHS Q2 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
Goldman Sachs is currently trading at 213.74-higher by 1.03% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by 1.84%. The stock has pared some of its earlier gains after the opening bell.
The bank on Tuesday posted second-quarter profit that topped market expectations, thanks to higher equity trading and a hike in lending to wealthy clients and companies. Goldman Sachs generated EPS of $5.81 for the second quarter of 2019. The EPS was above the consensus estimates of $4.89. Revenue of $9.46 billion also beat the market expectation of $8.83 billion.
The New York bank increased its quarterly dividend to $1.25 a share from 85 cents. Goldman Sachs is aiming to generate $5 billion in new revenue by 2020 and is currently undergoing a front-to-back review of all its businesses. Stocks of the bank have rallied 26% so far this year.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 68.96% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 213.50 TAKE PROFIT AT 215.80 STOP LOSS AT 212.30