Auto Stocks Turn South
This morning all of the major auto makers are coming under some selling pressure. The leading stocks in this sector have not traded in tandem with each other recently, however, they are all declining lower today.
Tata Motors Ltd.(NYSE:TTM) is a leading automaker out of India. This stock is declining this morning by 0.54 cents to $27.36 a share. This stock will have intra-day support around the $27.00 level. Last night the Sensex Index(India) closed lower by nearly 1.00 percent and this could put further pressure on this stock today.
Toyota Motors Corp.(NYSE:TM) is trading lower by $1.03 to $76.85 a share. This stock has been hit exceptionally hard since the Japanese earthquakes began in early march 2011. On March 3, 2011, Toyota stock was trading as high as $93.90 a share before tumbling lower. Last night, Japan had another 6.1 magnitude earthquake and this news could certainly be weighing on the stock this morning. The leading Japanese automaker will have short term intra-day support around the $76.50 and $76.00 levels.
General Motors Co.(NYSE:GM) is declining lower by 0.73 cents to $30.70 a share. This stock has been under selling pressure since early January 2011 when it traded as high as $39.48 a share. The stock will have short term intra-day support around the $30.40 area and more around the $30.00 level.
Ford Motors Co.(NYSE:F) is a leading U.S. automaker that is coming under some selling pressure today. This stock is trading lower by 0.23 cents to $15.10 a share. Short term day traders can watch for intra-day support around the $15.00 level. Should the stock decline further the next support level will be around the $14.75 area. Both levels could see small intra-day bounces.
High gasoline prices are certainly hurting all of the leading automakers. Should gasoline and energy prices continue to rise over the next few weeks this could put further pressure on all of the automakers over the next few months.