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General Motors' 1Q17: Behind the Analysts' Estimations

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Part 8
General Motors' 1Q17: Behind the Analysts' Estimations PART 8 OF 8

Inside GM’s Recent Stock Movements: Key Technical Levels ahead of the 1Q17 Results

Key technical levels

In the previous part of this series, we discussed how General Motors’ (GM) is trading at lower valuation multiples than its closest peers (IYK). But while valuation multiples can help investors, it’s also important to look at key technical support and resistance areas in a company’s stock. Investors can use such support and resistance levels to refine their entries and exits from a particular stock.

Inside GM&#8217;s Recent Stock Movements: Key Technical Levels ahead of the 1Q17 Results

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GM’s key technical levels

As of April 20, GM stock was trading at $34.10. After breaching the lower range of an ascending price channel in November 2016, the stock price turned negative. Last week (ended April 13), GM stock inched up and violated its prior downward sloping trendline. An immediate resistance is now seen near the $34.70 price level, followed by a stiff horizontal resistance near $35.10. On the downside, the stock price may find immediate horizontal support near $33.30, with a key support level of $32.40.

GM’s upward stock price movements will thus likely see resistance around its resistance levels, while its downward price movements will likely hit a roadblock around support levels.

Auto industry’s 1Q17 earnings

The US auto industry’s (XLY) 1Q17 earnings season has already begun with Harley-Davidson (HOG), which reported dismal 1Q17 earnings results on April 18. For more, check out Market Realist’s series Harley-Davidson’s 1Q17 Results: Tough Times Ahead?

GM’s direct US peers, Ford Motor (F) and Fiat Chrysler Automobiles (FCAU), are set to release their 1Q17 earnings results in the final week of April.

In the meantime, auto investors can stay updated on the analyst estimates for these automakers’ earnings by visiting Market Realist’s Auto page.

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