According to a statement by General Motors on Tuesday, 15 new and redesigned vehicles are to be introduced in China in 2018, with almost half of them being minivans and sport-utility vehicles. The remainder are expected to be models by Cadillac, General Motors premium brand.
General Motors shares closed lower for a second consecutive trading session on Tuesday. The stock went down 0.74% ($0.32) to $42.70, after touching an intraday low at $42.52, or a price level not seen since January 3rd ($42.20).
In the week ended on January 28th the shares of the largest vehicle manufacturer in the United States added 0.79% to their market value compared to a week ago, which marked the third gain out of five weeks.
The stock has pared its advance to 4.17% so far during the current month, following a 4.87% slump in December. The latter has been the first monthly drop since May 2017.
For the entire past year, General Motors shares rose 17.65% following another 2.44% gain in 2016.
“GM will sharpen its focus on the segments with the strongest consumer demand such as SUVs, MPVs and luxury vehicles”, the auto maker said in a statement, cited by Reuters.
Last year, 4.04 million vehicles were reportedly sold in China by General Motors and its joint venture partners, or 4.4% more in comparison with 2016. The latter compares with a 3% annual growth for Chinas entire auto market, with a total of 28.88 million vehicles sold in 2017.
According to CNN Money, the 23 analysts, offering 12-month forecasts regarding General Motors Companys 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 a 12.41% surge compared to the closing price of $42.70 on January 30th.
The same media also reported that 10 out of 25 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while other 10 – as “Hold”. 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 – $42.76
R2 – $42.82
R3 (Range Resistance – Sell) – $42.89
R4 (Long Breakout) – $43.07
R5 (Breakout Target 1) – $43.29
R6 (Breakout Target 2) – $43.38
S1 – $42.64
S2 – $42.58
S3 (Range Support – Buy) – $42.51
S4 (Short Breakout) – $42.33
S5 (Breakout Target 1) – $42.11
S6 (Breakout Target 2) – $42.02
By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:
Central Pivot Point – $43.60
R1 – $44.37
R2 – $45.26
R3 – $46.03
R4 – $46.81
S1 – $42.71
S2 – $41.94
S3 – $41.05
S4 – $40.17
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