General Motors shares touch a six-month high on Friday, vehicle sales in China soar 12% in August

According to the latest report by Detroit-based General Motors Company (GM), it sold 328 425 vehicles in China last month, which represented a 12% surge compared to August 2016.

General Motors shares closed higher for a fourth consecutive trading session on Friday. It has also been the steepest daily surge since March 28th. The stock went up 2.24% ($0.82) to $37.36, after touching an intraday high at $37.75, or a price level not seen since March 7th ($37.84). In the week ended on September 3rd the shares of the largest vehicle manufacturer in the United States added 4.94% to their market value compared to a week ago, which marked a second consecutive period of gains and also the best performance since the week ended on February 19th. The stock has risen 2.24% so far during the current month, following a 1.56% surge in August. The latter has been a third consecutive month of gains. For the entire past year, General Motors shares rose 2.44%. The stock has gained 7.23% so far in 2017.

Sales were up 6.3% year-on-year in July.

The company has sold 2.38 million vehicles in China since the beginning of the year, or 0.3% more compared to January-August 2016.

Meanwhile, GMs rival Honda reported a 20.6% year-on-year increase in its China sales to 128 671 vehicles in August, while Toyota said it had sold 108 500 vehicles in the worlds second largest economy (a 13.2% increase compared to August 2016).

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding General Motors stock price, have a median target of $39.60, with a high estimate of $53.00 and a low estimate of $31.00. The median estimate is a 6.00% surge compared to the closing price of $37.36 on September 1st.

The same media also reported that 14 out of 26 surveyed investment analysts had rated General Motors’ stock as “Hold”, while 8 – as “Buy”. On the other hand, 1 analyst 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 – $37.46
R2 – $37.56
R3 (Range Resistance – Sell) – $37.66
R4 (Long Breakout) – $37.97
R5 (Breakout Target 1) – $38.32
R6 (Breakout Target 2) – $38.48

S1 – $37.26
S2 – $37.16
S3 (Range Support – Buy) – $37.06
S4 (Short Breakout) – $36.76
S5 (Breakout Target 1) – $36.40
S6 (Breakout Target 2) – $36.24

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

Central Pivot Point – $36.77
R1 – $38.34
R2 – $39.31
R3 – $40.88
R4 – $42.44

S1 – $35.80
S2 – $34.23
S3 – $33.26
S4 – $32.28