Auto sales in Canada registered a new record in June, with sales by General Motors Company (GM) rising 4% from a year ago. According to a note to clients by Canadian auto analyst Dennis DesRosiers, 203 500 vehicles were sold by auto makers last month, or 6.5% more compared to June 2016. Overall performance was boosted by strong customer demand for light trucks.
General Motors shares closed higher for a fourth consecutive trading session on Monday. It has also been the sharpest daily gain since May 5th. The stock went up 1.83% ($0.64) to $35.57, after touching an intraday high at $36.00, or a price level not seen since March 29th ($36.06). In the week ended on July 2nd the shares of the largest vehicle manufacturer in the United States added 2.13% to their market value compared to a week ago, which marked the first gain in the past four weeks. The stock rose 2.95% in June, while breaking a three-month series of losses, to mark its best monthly performance since January. For the entire past year, General Motors shares added 2.44%.
Auto manufacturers have sold 1.04 million vehicles in Canada since the beginning of 2017, or 5% more compared to the same period a year earlier. Sales of light trucks rose 8.8% year-to-date, while those of passenger cars shrank 2%.
Carlos Gomes, senior economist at Scotiabank, said that stronger sales of pickup trucks implied better business investment prospects in Canadas energy sector.
Meanwhile, General Motors registered a 4.2% month-over-month increase in total vehicle sales in Canada to 27 151 units in June, supported by sound demand for pickup trucks and compact SUVs. GMs total vehicle sales in Canada grew 15.6% during the first six months of 2017, which marked the best H1 performance since 2008.
At the same time, Ford was reported to have sold 32 777 vehicles in Canada in June, or 14.1% more compared to the same month a year ago.
On the other hand, Fiat Chrysler was reported to have sold 26 926 vehicles last month, or 7% fewer compared to June 2016.
According to CNN Money, the 25 analysts, offering 12-month forecasts regarding General Motors stock price, have a median target of $39.00, with a high estimate of $52.00 and a low estimate of $31.00. The median estimate is a 9.64% surge compared to the closing price of $35.57 on July 3rd.
The same media also reported that 15 out of 26 surveyed investment analysts had rated General Motors’ stock as “Hold”, while 9 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
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) – $36.42
R5 (Breakout Target 1) – $36.92
R6 (Breakout Target 2) – $37.17
S1 – $35.43
S2 – $35.29
S3 (Range Support – Buy) – $35.14
S4 (Short Breakout) – $34.72
S5 (Breakout Target 1) – $34.22
S6 (Breakout Target 2) – $33.97
By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:
Central Pivot Point – $34.67
R1 – $35.31
R2 – $35.70
R3 – $36.34
R4 – $36.99
S1 – $34.28
S2 – $33.64
S3 – $33.25
S4 – $32.87
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