GM was in a nice uptrend on the daily all the time since November last year, and then it broke down, leaving the path big time. Made its way back up, only to be pushed back out. Now, it is once again knocking on the door from below. Should it be able to cross into the channel, I believe it could potentially move up towards the recent high of around $50, where it would run into resistance. I would look for a break into the channel, keep an eye of the $50 mark, and then decide forward. Breaking down, there is support just above. $42. Breach of this would open for a short.Note
Once again, it got pushed out of the channel, and seems to struggle to establish itself inside it. Resistance around $50 seems to continue to hold, and price has again created a higher low, at least for now. We might see new resistance around $47.Trade closed: target reached
Decided to close this, as it hit target and is now facing stronger resistance.
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.
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.