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This Auto Stock Will Be On Sale Due

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ITMS Member Level  Thursday, 08/02/18 12:36:50 PM
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This Auto Stock Will Be On Sale Due Trade Wars

As you all know, many stocks have come under severe pressure due to tariffs and trade war chatter. One particular industry group that has been affected by the tariffs has been the auto stocks. The tariffs in steel and aluminum has been sited as a direct tax on this sector. Leading U.S. Auto stocks such as General Motors Co (NYSE:GM), Fiat Chrysler Automobiles (NYSE:FCAU) and Ford Motor Co (F:NYSE) have come under selling pressure recently, but this should lead to an excellent buying opportunity very soon.

General Motors Co (NYSE:GM) is a leading U.S. automobile stock that has been falling sharply since June 12, 2018. At that time, the stock traded as high as $44.86 a share. Today, GM stock is trading around $36.48 a share, so you can see how quickly this stock has declined. Traders and investors should now watch the $34.50 area for major chart support. This level is where the stock was defended in March 2018. Ofter, prior support levels will serve as a solid support area for a major bounce when it is retested.




Nicholas Santiago
InTheMoneyStocks

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