According to a March 28th statement by General Motors Company (GM), its unit General Motors Mercosur has struck a deal with the Argentine port operator Terminal Puerto Rosario, which would allow the company to import vehicles to the South American country. General Motors Mercosur includes GMs units in Brazil and Argentina.
General Motors shares registered their largest daily surge since February 14th on Tuesday, while also marking their third consecutive session of gains. The stock went up 2.45% ($0.85) to $35.56, after touching an intraday high at $36.25, or a price level not seen since March 20th ($36.45). In the week ended on March 26th the shares of the largest vehicle manufacturer in the United States lost 4.87% of their market value compared to a week ago, which has been the worst performance since the week ended on September 11th 2016. However, the stock has pared its slump to 3.47% so far during the current month, following a 0.63% increase in February. The latter has been a fourth consecutive month of gains. For the entire past year, General Motors shares added 2.44%.
GM has a production facility in proximity to the Rosario port complex. According to the statement, as a long-term objective, the company intends to export vehicles manufactured at that facility by using the Rosario port.
Latest figures by Argentinas Automobile Manufacturers Association showed auto production in the country had shrunk almost 30% in February, as demand in Brazil, its largest export market, decreased.
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 – $35.71
R2 – $35.85
R3 (Range Resistance – Sell) – $36.00
R4 (Long Breakout) – $36.43
R5 (Breakout Target 1) – $36.95
R6 (Breakout Target 2) – $37.19
S1 – $35.41
S2 – $35.27
S3 (Range Support – Buy) – $35.12
S4 (Short Breakout) – $34.69
S5 (Breakout Target 1) – $34.17
S6 (Breakout Target 2) – $33.93
By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:
Central Pivot Point – $34.93
R1 – $36.08
R2 – $37.59
R3 – $38.74
R4 – $39.88
S1 – $33.42
S2 – $32.27
S3 – $30.76
S4 – $29.24
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