Fiat Chrysler Stock at All-Time High ahead of 2Q17 Earnings
Fiat Chrysler stock
Last week, Fiat Chrysler stock (FCAU) rallied and posted a fresh all-time high near $12.01. On Friday, the stock closed at $11.99 with handsome weekly gains of about 8.1%. With this, FCAU has risen about 13.3% in July so far.
In 2Q17, the company’s Wall Street performance was disappointing, as it lost about 2.7% during the quarter. Fiat Chrysler’s 2Q17 Wall Street performance was similar to peers Toyota (TM), General Motors (GM), and Ford Motor Company (F).
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What could be driving the stock higher?
For June 2017, FCAU reported a 7% fall in its US sales to 187,348 vehicle units. The company’s fleet sales witnessed a massive drop of about 15% while its retail sales fell 5%.
A massive fleet sales drop could help Fiat Chrysler focus on highly profitable retail sales, which could be the primary reason why its stock turned positive earlier this month. Last week, the company released its June Europe sales figures. Sales rose sharply by 7.9%, which boosted optimism.
Key technical levels
Just like peers (VCR) GM and Ford, Fiat Chrysler stock also witnessed mixed movement in June. An immediate support in FCAU stock lies near $11.55. Any violation of the all-time high of $11.01 could attract renewed buying in Fiat Chrysler stock this week.
In the next part, we’ll learn about Tesla’s recent price movement and its important support and resistance levels for the week ahead.