Many of the leading automotive stocks have been declining lately on the back of very poor auto sales data. Car manufacturers, auto dealers, and auto part maker stocks have seen strong selling pressure since February. Last week, the credit rating agency Moody's also warned that weak U.S. auto sales could pose significant credit risk to the auto lenders. All of this news is weighing on the entire auto sector at this time.
Two of the leading U.S. car manufacturers that have declined sharply are General Motors Company (NYSE:GM), and Ford Motor Company (NYSE:F). It should be noted that General Motors (NYSE:GM) and Ford Motor Co (NYSE:F) stocks are now trading below its important 50-day moving average. This now puts these two leading auto stocks in a weak technical chart position. The good news for these stocks is that there are some solid institutional support levels just a bit lower than the current stock price. Traders should now watch the $32.00 level as major support for General Motors. This should be a solid bounce area for this stock. Ford Motor Co will have institutional support around the $10.35 level.
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