Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

According to a March 15th statement by General Motors Company (GM), 500 assembly plant workers in Michigan, who are expected to be laid off this May, will be rehired in 2018 due to sound demand for larger vehicles. Last week it was announced that 1 100 workers at the auto makers Lansing Delta Township plant in Michigan would be laid off in May. According to plans, that factory will manufacture the Buick Enclave and the Chevrolet Traverse SUVs, while production of the GMC Acadia SUV will be relocated to Spring Hill, Tennessee.

General Motors shares closed higher for a third straight trading session on Wednesday. The stock went up 0.35% ($0.13) to $37.09, after touching an intraday high at $37.16, or a price level not seen since March 10th ($37.19). In the week ended on March 12th the shares of the largest vehicle manufacturer in the United States lost 3.66% of their market value compared to a week ago, which has been the worst performance since the week ended on September 11th 2016. However, the stock has extended its advance to 0.68% so far during the current month, following a 0.63% increase in February. The latter has been a fourth consecutive month of gains. For the entire past year, General Motors shares added 2.44%.

As soon as the auto maker initiates full production of the new variations of Buick Enclave and Chevrolet Traverse during the upcoming year, it intends to “bring back approximately 500 jobs to give the company flexibility to meet market demand.”

In addition, General Motors said 220 jobs would be created at its plant in Romulus, Michigan, which focuses on production of 10-speed automatic transmissions. At the same time, 180 jobs are to be retained, as Lansing factory workers will be shifted to an assembly plant in Flint.

Meanwhile, in a speech in Michigan on Wednesday US President Donald Trump said the administration was to review fuel efficiency standards, while also commending job announcements made recently by Fiat Chrysler Automobiles NV, Ford Motor Company and General Motors.

“Thats just the beginning”, Trump told autoworkers in Ypsilanti, Michigan, on March 15th, cited by Reuters. “I told (the auto executives) thats peanuts, thats peanuts. Were going to have a lot more. Theyre going to be building new plants, expanding their plants.”

However, none of the three major vehicle manufacturers has so far revealed intentions to establish new factories.

“We haven’t fundamentally changed any of our plans, but we continue to look for ways to improve our operations and find ways to help the country, grow jobs and support economic growth,” Pat Morrissey, a spokesperson for General Motors, was quoted as saying by the same media.

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 – $37.12
R2 – $37.16
R3 (Range Resistance – Sell) – $37.19
R4 (Long Breakout) – $37.29
R5 (Breakout Target 1) – $37.41
R6 (Breakout Target 2) – $37.46

S1 – $37.06
S2 – $37.02
S3 (Range Support – Buy) – $36.99
S4 (Short Breakout) – $36.89
S5 (Breakout Target 1) – $36.77
S6 (Breakout Target 2) – $36.72

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

Central Pivot Point – $37.38
R1 – $38.00
R2 – $39.16
R3 – $39.78
R4 – $40.39

S1 – $36.22
S2 – $35.60
S3 – $34.44
S4 – $33.27

TradingPedia.com 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.

Related News

  • Lockheed Martin shares close lower on Tuesday, company ties up with Omnispace over space-based 5G network developmentLockheed Martin shares close lower on Tuesday, company ties up with Omnispace over space-based 5G network development Lockheed Martin Corp (LMT) on Tuesday announced a collaboration with communications provider Omnispace LLC, aimed to develop a space-based 5G network to be used by both commercial entities and government agencies.A 5G global network […]
  • Forex Market: USD/CAD daily trading forecastForex Market: USD/CAD daily trading forecast Yesterday’s trade saw USD/CAD within the range of 1.1932-1.2117. The daily high has also been the highest level since April 29th 2009. The pair closed at 1.2114, gaining 1.47% on a daily basis.At 8:20 GMT today USD/CAD was down 0.17% for […]
  • Gold futures weekly recap, March 10 – March 14Gold futures weekly recap, March 10 – March 14 Gold futures touched the strongest level in more than six months on Friday and capped a sixth weekly advance, the longest winning run since August 2011, as escalating tension in Ukraine, ahead of a referendum in Crimea on splitting to join […]
  • OSI Systems secures $11 mln order for electronic assembliesOSI Systems secures $11 mln order for electronic assemblies OSI Systems Inc (NASDAQ: OSIS) said on Wednesday that its Optoelectronics and Manufacturing division had secured an order valued at nearly $11 million to provide critical electronic sub-assemblies for a leading-edge healthcare original […]
  • Research: The largest corporate fines in 2024 so farResearch: The largest corporate fines in 2024 so far We are just a few months into 2024 and two major corporations have already been slapped with fines of over one billion US dollars. While it is encouraging to see companies facing severe consequences for breaking the law, it does make one […]
  • Forex Market: AUD/HKD daily forecastForex Market: AUD/HKD daily forecast During Friday’s trading session AUD/HKD traded within the range of 7.2371-7.2684 and closed at 7.2592.At 8:07 GMT today AUD/HKD was losing 0.11% for the day to trade at 7.2512. The pair touched a daily low at 7.2445 at 5:35 […]