Earlier this morning, Goldman Sachs (NYSE: GS) announced that it raised its fifth dedicated private equity secondaries fund -- GS Vintage Fund V -- with roughly $5.5 billion in capital commitments. This news was hinted at on Friday in The Wall Street Journal and was confirmed by the investment bank. The fund will focus on acquiring portfolios of private equity assets and includes private investors throughout America, Europe, Asia, and Australia. This isn't the only news GS will make this week, as the firm is slated to step into the earnings spotlight. The current quarterly earnings estimate stands at $1.59 per share. Let's take a quick technical look at the investment bank and see what could happen if earnings miss or beat expectations.
As far as an earnings miss is concerned, the stock is well positioned atop potential support from its 10-week moving average. The shares have crawled steadily higher along this support throughout the past six weeks, and have now eclipsed their 50-week trendline as well. This is a good deal of potential support for the stock to fall back on, in case earnings aren't what everyone hoped.
Looking at the road higher, we don't necessarily see the smoothest path for GS. If earnings send the stock higher, it will have to contend with resistance at the $128 level and from its 20-month moving average. This trendline could suppress any rally attempts, but it is descending through the $130 level -- allowing for some running room.
One technical formation of note is the bullish cross on GS's weekly chart. GS's 10-week trendline recently completed a bullish cross of its 20-week counterpart. This formation often hints at a continued bull run, which could signal a bit of help for the stock as it continues to trudge higher.
Bottom line: There is room for the stock to log some gains following earnings, and there is support in place to help buffer disappointing results. GS could present an interesting momentum play leading into a major news event.
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