This kinda sucks cus I just bought calls on Friday and I did not see the weekly chart. I have a $59 call for 4/23. I think I'm going to cut at open and grab $58 puts for 4/30.
My mistake for not zooming out.
1) Bearish divergence on RSI
2) MACD crossing down
3) Slow Stochastic crossing down (Not shown because I don't pay for extra indicators lol)
4) Bearish rising wedge
5) Decreasing volume
I really hope I'm wrong. I'm super bullish on GM. Bought the call because of the following article:
"General Motors made an unexpected electric-vehicle announcement, saying it is is building a battery plant with Korea-based LG Chem. It is a little like a Tesla Giga factory, GM style.
General Motors (ticker: GM) stock jumped, a little, in response to the news. Shares were up about 0.6% in early trading, while the S&P 500 and Dow Jones Industrial Average rose about 0.2% and 0.3%, respectively.
Capital spending and new manufacturing plants are a long-term issues, but the market might just be underweighting the importance of GM’s Friday move.
“The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future,” said GM CEO Mary Barra in the company’s news release. LG Energy Solution is owned by LG Chem (051910.Korea).
The 2.8 million-square foot facility will go up in Tennessee and will cost about $2.3 billion, creating about 1,300 jobs."
I can't ignore the technicals. We could see 54 soon.
My mistake for not zooming out.
1) Bearish divergence on RSI
2) MACD crossing down
3) Slow Stochastic crossing down (Not shown because I don't pay for extra indicators lol)
4) Bearish rising wedge
5) Decreasing volume
I really hope I'm wrong. I'm super bullish on GM. Bought the call because of the following article:
"General Motors made an unexpected electric-vehicle announcement, saying it is is building a battery plant with Korea-based LG Chem. It is a little like a Tesla Giga factory, GM style.
General Motors (ticker: GM) stock jumped, a little, in response to the news. Shares were up about 0.6% in early trading, while the S&P 500 and Dow Jones Industrial Average rose about 0.2% and 0.3%, respectively.
Capital spending and new manufacturing plants are a long-term issues, but the market might just be underweighting the importance of GM’s Friday move.
“The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future,” said GM CEO Mary Barra in the company’s news release. LG Energy Solution is owned by LG Chem (051910.Korea).
The 2.8 million-square foot facility will go up in Tennessee and will cost about $2.3 billion, creating about 1,300 jobs."
I can't ignore the technicals. We could see 54 soon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.