GM 10/1/2023
Updated
GM
About to blow.
After receiving those COVID bucks that propelled its stock into a nice uptrend, GM spent most of 2021 in a distribution stage, forming an M-top pattern. The price entered a downtrend in February '22 and finally found support in July '22.
The price entered a sideways range, initially resembling a rising wedge but later developing into a sideways channel.
Now price finds itself at the support level of this channel for the fourth time now. It's important to note that the more a support level is touched, the weaker it becomes. Additionally, it is currently under both the 50 and 200 EMA (Exponential Moving Average)
Entering trade short
Entry: 32.99
Stop Loss: 35.07, -6.30%
Target: 19.27, +41.59%, 6.6 RR ratio
About to blow.
After receiving those COVID bucks that propelled its stock into a nice uptrend, GM spent most of 2021 in a distribution stage, forming an M-top pattern. The price entered a downtrend in February '22 and finally found support in July '22.
The price entered a sideways range, initially resembling a rising wedge but later developing into a sideways channel.
Now price finds itself at the support level of this channel for the fourth time now. It's important to note that the more a support level is touched, the weaker it becomes. Additionally, it is currently under both the 50 and 200 EMA (Exponential Moving Average)
Entering trade short
Entry: 32.99
Stop Loss: 35.07, -6.30%
Target: 19.27, +41.59%, 6.6 RR ratio
Trade closed manually
29.17, +11.58%
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