GM's post hurricaine rally could be coming to a hault
When cars and homes were destroyed, those industries got a boost. LPX makes wood-panel sidings for homes and saw a 15% increase. Auto makers like GM saw a large increase as well this past month. Is it coming to an end for GM? Can it go higher? Is a good entry in sight? I believe so.
The trend angle increased, representing strength, and the price action in terms of ATR increased as well through the uptrend. However, the break through the 41.20 level on news of it's September increase was seen on lower volume than the previous day and ultimately closed below that level.
For me, I take this as a good time to sit on the sidelines and wait to see what happens. If it falls, then I will look for a good entry. Fundamentally, I see this rising over the next quarter.
The trend angle increased, representing strength, and the price action in terms of ATR increased as well through the uptrend. However, the break through the 41.20 level on news of it's September increase was seen on lower volume than the previous day and ultimately closed below that level.
For me, I take this as a good time to sit on the sidelines and wait to see what happens. If it falls, then I will look for a good entry. Fundamentally, I see this rising over the next quarter.
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