Fiat Chrysler stock
Last week (ended September 8), Fiat Chrysler stock (FCAU) continued to rise and ended the week with a solid 2.8% gain, marking its fourth week of gains. In the previous week, its stock rose 6.8% despite broader market dullness. Fiat Chrysler stock has risen 54.1% in 3Q17.
In 2Q17, FCAU’s Wall Street performance was not very different from that of peers (VCR) Toyota (TM), General Motors (GM), and Ford Motor (F). It rose 25.1% in August, its largest gain since it was listed on the NYSE (New York Stock Exchange) in October 2014.
In August 2017, a report by Automotive News revealed that a Chinese automaker has shown interest in acquiring Fiat Chrysler and has made some offers. According to the report, the offer was rejected.
According to a Reuters report published on August 21, Chinese auto giant Great Wall Motors has confirmed its interest in acquiring some of Fiat Chrysler’s business segments. Whereas these news reports have not been officially confirmed by Fiat, they could be the key reason for its stock’s rally over the last month.
Technically, an immediate resistance lies at $16.36, which is an all-time high for Fiat Chrysler stock. A breach of this resistance could renew buying this week. On the downside, there is no notable support above $14.90. Continue to the next part, where we’ll learn how Tesla stock traded last week.