Last week, General Motors (GM) stock settled at $39.16 with a ~0.6% loss for the week. This was the fourth consecutive week that GM stock fell. In the previous week, the stock fell 4.5%. In the second quarter, General Motors stock gained 8.4% as compared to a 2.9% rise in the S&P 500 Index.
Key technical levels
After a failed attempt to violate a key resistance level near $45.10, General Motors stock turned negative in the middle of June. Note that upward stock price movements might hit a roadblock around the resistance levels. Downward price movements might see increased demand around the support levels. This week, $40.40 should act as an immediate resistance in GM stock, and only a violation of this resistance could attract fresh buying.
On the downside, immediate support lies at $38.90 followed by a key support level near $36.70. The 14-day setup of the RSI (relative strength index) indicator has fallen below the line of equilibrium to 39.1, reflecting weakening momentum.
On July 3, GM reported its second-quarter home market sales. The company’s overall US vehicle sales rose by about 4.6% YoY to 758,376 vehicle units. Previously in Q1, General Motors’ sales rose 3.8% YoY to 715,794 units in its home market sales, whereas Ford’s sales fell 2.9% YoY during the same period.
Despite positive Q2 sales data, America’s ongoing trade tensions with China could be hurting GM stock. In 2017, General Motors sold more vehicle units in China (including sales from its joint ventures) than it sold in its home market.
Read on to the next part where we’ll see key technical levels in Fiat Chrysler stock for the week ahead.
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