General Motors stock

General Motors (GM) settled in the green territory in the week ended June 14. The stock rose 0.5%—the same as the S&P 500 Index’s gains. In the previous week, General Motors stock outperformed the broader market and settled with 6.4% weekly gains compared to a 4.4% rise in the S&P 500 benchmark. So far, General Motors has risen 7.0% in June after losing 14.4% in May. On a sequential basis, the stock was still in the negative territory with a 3.9% loss. During the same period, the Consumer Discretionary Select Sector SPDR Fund (XLY) has risen 4.1%.

Recent developments

Last week, General Motors announced its heavy-duty truck production expansion plan. On June 13, Mark Reuss, General Motors’ president, revealed that the company “is investing about $150 million at its Flint Assembly plant, Michigan, boosting production of heavy-duty trucks by another 40,000 vehicles a year,” according to a Reuters report.

In the first quarter, General Motors’ commercial vehicle deliveries remained nearly flat on a year-over-year basis. The company highlighted the limited availability of its light and heavy trucks. General Motors’ recent move to invest $150 million to expand its heavy-duty truck production will likely help the company meet the rising market demand for heavy-duty trucks.

Below the key resistance level

Last week, General Motors stock settled at $35.67 after testing a resistance level near $36.40 earlier in the week. The company’s 14-day relative strength index was hovering near the line of equilibrium at 46.2, which reflects a mixed bias in the underlying momentum.

For General Motors stock, the 200-day simple moving average is at $36.40, which makes it a stronger resistance level. This week, General Motors stock might continue to retest the support level near its 200-day simple moving average.

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