The Goldman Sachs Group, Inc. (GS) shares fell more than 3% during Monday’s session after the financial giant reported mixed first quarter earnings. Revenue fell 12.6% to $8.81 billion, missing consensus estimates by $80 million, but earnings per share came in at $5.71, beating consensus estimates by 69 cents per share. The company also increased its quarterly dividend by five cents to 85 cents per share.


The move comes after many other banks reported strong gains during the first quarter. JPMorgan Chase & Co. (JPM) stock rose nearly 5% on Friday after the bank reported better-than-expected results thanks to its consumer and community banking operations. However, Wells Fargo & Company (WFC) cast some doubt on the longevity of these strong results after its CFO issued disappointing guidance for net interest income.


StockCharts.comĀ 



Traders should watch for some consolidation between trendline and 200-day moving average resistance at $207.61 and trendline, pivot point and 50-day moving average support levels at $196.56. If the stock breaks out from trendline resistance, it could retest its highs made late last year. If the stock breaks down from support, traders could see a move lower to S1 support at $183.51 over the coming sessions. However, the overall trend remains bullish for the time being.


The author holds no position in the stock(s) mentioned except through passively managed index funds.


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