A shortage of steering gears by Robert Bosch has disrupted production of several of BMWs compact and mid-sized vehicles and also led to stoppages at the car makers factories in China and South Africa, Reuters reported.
BMW shares closed higher for the first time in the past four trading sessions on Monday. The stock edged up 0.30% (EUR 0.250) to EUR 84.560, with the intraday high and the intraday low being at EUR 84.640 and EUR 83.940 respectively. In the week ended on May 28th the shares of the auto manufacturer lost 2.17% of their market value compared to a week ago, which marked a third consecutive period of decline and also the worst performance since the week ended on April 9th. However, the stock has pared its loss to 3.53% so far during the current month, following a 2.50% surge in April. The latter has been a third consecutive month of gains. For the entire past year, the shares of Bayerische Motoren Werke AG retreated 9.10%.
“Our supplier Bosch is not currently able to provide us with a sufficient number of steering gears for the BMW 1 Series, 2 Series, 3 Series and 4 Series”, the auto maker said in a May 29th statement, cited by Reuters.
Meanwhile, BMW factories in Rosslyn, South Africa and Tiexi, China were reported to have extended or pulled forward planned production interruptions.
“We are taking advantage of the flexibility of our processes to minimize economic damage. We expect that Bosch, as the responsible supplier, will compensate for damages”, the company said.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the BMW stock are presented as follows (quotes in euros):
R1 – 84.624
R2 – 84.688
R3 (Range Resistance – Sell) – 84.753
R4 (Long Breakout) – 84.945
R5 (Breakout Target 1) – 85.170
R6 (Breakout Target 2) – 85.265
S1 – 84.496
S2 – 84.432
S3 (Range Support – Buy) – 84.368
S4 (Short Breakout) – 84.175
S5 (Breakout Target 1) – 83.950
S6 (Breakout Target 2) – 83.855
By using the traditional method of calculation, the weekly levels of importance for Bayerische Motoren Werke AG (BMWG) are presented as follows (quotes in euros):
Central Pivot Point – 85.140
R1 – 86.640
R2 – 88.970
R3 – 90.470
R4 – 91.970
S1 – 82.810
S2 – 81.310
S3 – 78.980
S4 – 76.650
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