General Motors shares rebound on Friday, production at Detroit Hamtramck facility extended until January 2020

According to an announcement by General Motors on Friday, production at its Detroit Hamtramck facility has been extended until January 2020.

The company had previously planned to discontinue production in June 2018.

General Motors shares closed higher for the fifth time in the past nine trading sessions in New York on Friday. The stock went up 0.93% ($0.37) to $39.99, after touching an intraday low at $39.44, or a price level not seen since February 19th ($38.91).

Shares of General Motors Company have risen 19.55% so far in 2019 compared with an 11.40% gain for the benchmark index, S&P 500 (SPX).

In 2018, General Motors’ stock went down 18.39%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

The US auto maker said that the Chevrolet Impala and Cadillac CT6 sedans would continue to be manufactured at its Detroit Hamtramck facility until early 2020.

On the other hand, production of the Chevrolet Volt electric hybrid vehicle and the Buick LaCrosse sedan has already been suspended at the plant.

“We are balancing production timing while continuing the availability of Cadillac advanced technology features currently included in the CT6-V – the Blackwing Twin-Turbo V-8 (engine) and Super Cruise (driver assistance system),” General Motors said in a statement, cited by Reuters.

According to CNN Money, the 18 analysts, offering 12-month forecasts regarding General Motors Company’s stock price, have a median target of $47.50, with a high estimate of $67.00 and a low estimate of $33.00. The median estimate represents an 18.78% upside compared to the closing price of $39.99 on February 22nd.

The same media also reported that 12 out of 22 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 7 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Weekly Pivot Levels

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

Central Pivot Point – $39.70
R1 – $40.49
R2 – $40.99
R3 – $41.78
R4 – $42.57

S1 – $39.20
S2 – $38.41
S3 – $37.91
S4 – $37.41 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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