Goldman Sachs Group, one of the most prominent financial institutions in the world, is expected to report its quarterly earnings for the third fiscal quarter of 2019 on Tuesday.
The initial forecasts project the company to report earnings per share of $5.03, which is going to be marginally deteriorated quarterly performance when compared to the $6.28 EPS that was recorded for the same period last year.
Additionally, Goldman Sachs reported EPS of $5.71 for Q2 of 2019, and if the forecasts for Tuesday are realized, that would mean that the company would have registered a fourth consecutive quarter of waning earnings, which would solidify the current trend of undermining overall performance.
The share price of the company currently appears to be forming a Double Top Pattern on the daily chart. If the reported earnings on Tuesday do not meet the initial forecasts, the price is likely to tumble at least to 196.78, which is a Fibonacci retracement level.
If the report turns out positive, however, the price will most likely break out above the 38.2 per cent Fibonacci retracement and test the 212.39 price level.
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