General Motors is Still in the Game! Trading Idea for 06/10/2023Amid the UAW (United Auto Workers) strike, General Motors' shares reached a three-year low. The automotive giant's management is likely to eventually come to an agreement with the workers' demands.
It is interesting to note that in Q3 2023, General Motors and its dealers sold 21% more cars than in the same period last year, leading to a 19% year-over-year growth in total sales. In addition, the implementation of electric vehicles has seen a 33% increase year-over-year. Once the strike comes to an end, this outstanding performance will likely be reflected in the growth of stock prices.
Consequently, our focus today is on the General Motors (NYSE: GM) chart.
On the D1 timeframe, resistance is currently at 33.43, with support at 32.18 having broken through this Tuesday 3 October. Yesterday quotes rebounded from a crucial historical level at 30.02.
On the H1 timeframe, the short-term target for the price increase is around 35.25, while in the medium term, it could reach 44.75.
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