General Motors shares gain a third straight session on Wednesday, auto maker to rehire 500 workers in Michigan poised to be laid off in May

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