General Motors shares gain for a fifth session in a row on Friday, a certain number of Chevrolet Bolt vehicles reportedly experience battery issue

According to an August 25th statement by General Motors Company (GM), it has notified a small number of owners of its Chevrolet Bolt electric vehicles about a battery issue that could lead to propulsion loss.

General Motors shares closed higher for a fifth consecutive trading session on Friday. The stock edged up 0.23% ($0.08) to $35.60, after touching an intraday high at $35.88, or a price level not seen since August 1st ($35.98). In the week ended on August 27th the shares of the largest vehicle manufacturer in the United States added 2.21% to their market value compared to a week ago, which marked the first gain in the past six weeks. The stock has pared its loss to 1.06% so far during the current month, following a 3.01% surge in July. The latter has been a second consecutive month of gains and also the best performance since January. For the entire past year, General Motors shares added 2.44%. The stock has gained 2.18% so far in 2017.

According to GM, less than 1% of over 10 000 Bolt models, sold up to now, have experienced such an issue.

The company explained that some early models may not properly report remaining range at low states of charge because of lower battery voltage, which could lead to a sudden halt.

With a starting price of $35 000, GMs Chevrolet Bolt is the first electric vehicle in the United States, which offers over 200 miles of driving range with a single charge.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding General Motors stock price, have a median target of $39.60, with a high estimate of $53.00 and a low estimate of $31.00. The median estimate is an 11.24% surge compared to the closing price of $35.60 on August 25th.

The same media also reported that 14 out of 26 surveyed investment analysts had rated General Motors’ stock as “Hold”, while 8 – 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 – $35.63
R2 – $35.66
R3 (Range Resistance – Sell) – $35.69
R4 (Long Breakout) – $35.79
R5 (Breakout Target 1) – $35.90
R6 (Breakout Target 2) – $35.94

S1 – $35.57
S2 – $35.54
S3 (Range Support – Buy) – $35.51
S4 (Short Breakout) – $35.41
S5 (Breakout Target 1) – $35.30
S6 (Breakout Target 2) – $35.26

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

Central Pivot Point – $35.42
R1 – $36.06
R2 – $36.52
R3 – $37.16
R4 – $37.80

S1 – $34.96
S2 – $34.32
S3 – $33.86
S4 – $33.40

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News