General Motors shares close lower on Friday, company reports record vehicle deliveries in China for March, but quarterly deliveries decrease

According to a report released on April 7th, General Motors Company (GM) delivered a March record of 345 448 vehicles in China, or 16% more compared to the same month a year earlier. It has been the largest annual growth since August 2016. For the entire first quarter, however, vehicle deliveries in the region decreased 5.2% year-on-year, due to a higher purchase tax rate on small-engine vehicles (7.5%) in 2017. Last year the rate was 5%.

General Motors shares closed lower on Friday, while also marking their sixth loss in the past eight trading sessions. The stock went down 1.32% ($0.45) to $33.71, after touching an intraday low at $33.70, or a price level not seen since November 23rd 2016 ($33.69). In the week ended on April 9th the shares of the largest vehicle manufacturer in the United States lost 4.67% of their market value compared to a week ago, which marked the fourth drop in the past five weeks. The stock has extended its slump to 4.67% so far during the current month, following a 4.02% drop in March. The latter has been the first monthly retreat since October and the worst performance since June 2016. For the entire past year, General Motors shares added 2.44%.

Baojun registered the best performance among all GM brands last month, with sales increasing 81% year-on-year to 81 353 vehicles, the report showed.

The auto maker’s SUV deliveries went up 45% in March compared to the same period a year ago, while MPV deliveries increased 23%. Among all GM brands, Cadillac recorded double-digit growth for a 13th straight month in March, as sales soared 63%.

“SUVs, MPVs and luxury vehicles will help us further tap into the market’s growth potential”, Matt Tsien, GM Executive Vice President and GM China President, said. “We will continue to expand and upgrade our offerings across segments. Many of our new models will be on display at this month’s Auto Shanghai 2017.”

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding GM’s stock price, have a median target of $40.00, with a high estimate of $51.00 and a low estimate of $31.00. The median estimate is an 18.66% surge compared to the closing price of $33.71 on April 7th.

The same media also reported that 13 out of 24 surveyed investment analysts had rated General Motors’ stock as “Hold”, while 9 – as “Buy”.

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 – $33.76
R2 – $33.80
R3 (Range Resistance – Sell) – $33.85
R4 (Long Breakout) – $33.99
R5 (Breakout Target 1) – $34.15
R6 (Breakout Target 2) – $34.21

S1 – $33.66
S2 – $33.62
S3 (Range Support – Buy) – $33.57
S4 (Short Breakout) – $33.44
S5 (Breakout Target 1) – $33.27
S6 (Breakout Target 2) – $33.21

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

Central Pivot Point – $34.26
R1 – $34.82
R2 – $35.93
R3 – $36.49
R4 – $37.05

S1 – $33.15
S2 – $32.59
S3 – $31.48
S4 – $30.37