General Motors shares fall for a second session in a row on Wednesday, company to launch new electric vehicles in 2021

General Motors Company (GM) was reported to be planning the launch of a new family of electric vehicles during 2021. The batteries of these vehicles are expected to be 30% cheaper compared to those included on the present Chevrolet Bolt model.

General Motors shares closed lower for a second consecutive trading session on Wednesday. The stock edged down 0.33% ($0.14) to $42.86, after touching an intraday low at $42.11, or a price level not seen since November 10th ($42.06).

In the week ended on November 12th the shares of the largest vehicle manufacturer in the United States added 0.76% to their market value compared to a week ago, which marked the first gain out of four weeks. Yet, it has been the smallest increase since the week ended on July 9th.

The stock has neutralized earlier advance and is now down 0.28% so far during the current month, following a 6.44% surge in October. The latter has been a fifth consecutive month of gains.

For the entire past year, General Motors shares gained 2.44%. The stock has risen another 23.02% so far in 2017.

A presentation by GM on Wednesday showed that the auto maker also intended to launch two new battery-powered crossover vehicles, which would be equipped with the same basic components as those on the Chevrolet Bolt.

The presentation also revealed that a brand new electric vehicle platform was being developed by GM, which would accommodate a number of sizes and segments, expected to be offered by the companys brands in the US and China.

GM said that the cost of its lithium-ion batteries could be reduced to no more than $100 per kilowatt-hour from $145 per kilowatt-hour. This way the price of its electric vehicles could be brought down further to what comparable gasoline engine-powered models cost.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding General Motors stock price, have a median target of $48.00, with a high estimate of $60.00 and a low estimate of $31.00. The median estimate is an 11.99% surge compared to the closing price of $42.86 on November 15th.

The same media also reported that 12 out of 26 surveyed investment analysts had rated General Motors’ stock as “Hold”, while 9 – as “Buy”. On the other hand, 2 analysts 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 – $42.95
R2 – $43.03
R3 (Range Resistance – Sell) – $43.12
R4 (Long Breakout) – $43.37
R5 (Breakout Target 1) – $43.67
R6 (Breakout Target 2) – $43.81

S1 – $42.77
S2 – $42.69
S3 (Range Support – Buy) – $42.60
S4 (Short Breakout) – $42.35
S5 (Breakout Target 1) – $42.05
S6 (Breakout Target 2) – $41.91

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

Central Pivot Point – $42.34
R1 – $43.32
R2 – $43.99
R3 – $44.97
R4 – $45.96

S1 – $41.67
S2 – $40.69
S3 – $40.02
S4 – $39.36 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.

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