According to a statement by New York Governor Andrew Cuomo, General Motors Company (GM) intends to test fully autonomous vehicles in the state early next year. The tests are to be conducted in Manhattan and will include two-person crews – an engineer sitting in the drivers seat who will evaluate the vehicle’s performance, and another person sitting in the passenger seat.
General Motors shares closed lower for a second consecutive trading session on Tuesday. It has also been the steepest daily loss since September 7th. The stock went down 1.62% ($0.74) to $45.02, after touching an intraday low at $44.96, or a price level not seen since October 12th ($44.15).
In the week ended on October 15th the shares of the largest vehicle manufacturer in the United States added 2.11% to their market value compared to a week ago, which marked a fifth consecutive period of gains.
The stock has pared its advance to 11.49% so far during the current month, following a 10.51% surge in September. The latter has been a fourth consecutive monthly gain and also the largest one since October 2015.
For the entire past year, General Motors shares gained 2.44%. The stock has risen another 29.22% so far in 2017.
General Motors and Cruise Automation, its self-driving division, would be the first to test a Level 4 vehicle in the state of New York, Governor Andrew Cuomo said.
The main difference between level 3 and level 4 vehicles lies in that the first type offers conditional automation, or it requires a human driver to take over the vehicle in case a problem is encountered. Level 4 vehicles offer enhanced driverless features.
Another variation of autonomous vehicles, known as level 5, could navigate themselves on the road without the need for human interference. In their purest version, such vehicles would have no brake pedals or steering wheels.
According to CNN Money, the 23 analysts, offering 12-month forecasts regarding General Motors stock price, have a median target of $40.00, with a high estimate of $57.00 and a low estimate of $31.00. The median estimate is an 11.15% decrease compared to the closing price of $45.02 on October 17th.
The same media also reported that 13 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 – $45.12
R2 – $45.22
R3 (Range Resistance – Sell) – $45.31
R4 (Long Breakout) – $45.61
R5 (Breakout Target 1) – $45.95
R6 (Breakout Target 2) – $46.09
S1 – $44.92
S2 – $44.82
S3 (Range Support – Buy) – $44.73
S4 (Short Breakout) – $44.43
S5 (Breakout Target 1) – $44.09
S6 (Breakout Target 2) – $43.95
By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:
Central Pivot Point – $45.38
R1 – $46.61
R2 – $47.34
R3 – $48.57
R4 – $49.80
S1 – $44.65
S2 – $43.42
S3 – $42.69
S4 – $41.96
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