General Motors shares close lower on Wednesday, company plans a two-week furlough at Sao Jose dos Campos plant

According to a February 1st statement by the metalworkers union in Sao Jose dos Campos, Sao Paulo, Brazil, about 2 200 employees at a General Motors plant in the region will be given a two-week time off. The furlough is expected to begin on Monday, February 13th.

General Motors shares registered their fourth loss in the past five trading sessions on Wednesday. The stock went down 1.28% ($0.47) to $36.14, after touching a daily low at $35.86, or a level not seen since January 9th ($35.86). In the week ended on January 29th the shares of the largest vehicle manufacturer in the United States remained flat compared to a week ago, following a 0.88% slump in the prior period. The stocks market value grew 5.08% in January to mark a third consecutive month of gains. For the entire 2016, General Motors shares added 2.44%.

According to the Sao Jose dos Campos union, General Motors Company (GM) had not provided an explanation for the furlough at the plant, where approximately 5 000 people are employed.

“It may be a consequence of the diplomatic relations between Mexico and the United States after Donald Trump took office”, Antonio Ferreira de Barros, the metalworkers union leader, said, cited by Reuters.

In January, the national automakers association revised down its sales growth forecast for 2017 to 4%, with continuing political uncertainty weighing on economic recovery.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the General Motors stock are presented as follows:

R1 – $36.25
R2 – $36.37
R3 (Range Resistance – Sell) – $36.48
R4 (Long Breakout) – $36.83
R5 (Breakout Target 1) – $37.23
R6 (Breakout Target 2) – $37.40

S1 – $36.03
S2 – $35.91
S3 (Range Support – Buy) – $35.80
S4 (Short Breakout) – $35.45
S5 (Breakout Target 1) – $35.05
S6 (Breakout Target 2) – $34.88

By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:

Central Pivot Point – $37.26
R1 – $38.13
R2 – $39.26
R3 – $40.13
R4 – $41.01

S1 – $36.13
S2 – $35.26
S3 – $34.13
S4 – $33.01