long term trade so looking over financials for GM they have a 9.1 Billion in open cash flow for operations. sales came in bigger than last year so i do expect there to be a small drop im going to do a long position at around $37 to $40 and then exit at around $50 per share so i did use the fib retracement to show where i think itll go short term but over all i think it will go long
GM trade ideas
GM: Ascending Triangle, confirmedAscending Triangle, Confirmed
Pros:
Descending volume during formation
Peak volume at break out
PPS above 50MA and 200MA
250RSI above 50
RS ascending and above 0
ATR ascending, more volatility
R/R ratio above 16
Cons:
200MA descending
Targets:
PT1 = 38.50$, filled
PT2 = 41.76$, filled
PT3 = 44.92$
PT4 = 50.53$
GM earnings surprise beatGeneral Motors (GM) reported 3rd Quarter September 2020 earnings of $2.83 per share on revenue of $35.5 billion. The consensus earnings estimate was $1.47 per share on revenue of $38.0 billion. Do your own due diligence, your risk is 100% your responsibility. Good luck and happy trading friends...
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Current events
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$GM the battle of faith$GM has always been a good indicator of $DJIA and the way it could move in the future. Last week swing high in this stock is highly unusual taking into an account indebtness and GDP fall and consumers uncertainty invoked by COVID-19. 38-38.4 is that magic line this stock needs to cross above or te be rejected from. It will be good for trading.
GM Finished Strong Above Recent ResistanceGM had a large amount of volume in an uptrend during the overall market selloff on Friday. If it holds on Monday we could see a breakthrough to new recent highs.
Check the minute chart and you'll see a ton of volume right at close while the market was doing the opposite.
Possible Nice Entry For GM Soon?I am very interested in jumping into this trade if I can get it at the right Price. I will be monitoring this one, as on the weekly time frame the 20MA has acted as support in the past. We had a fairly steep decline in GM recently, and I think an entry near the Weekly 20MA could potentially make this a nice risk vs reward trade. It appears the price has not yet hit the primary bull trend line since March. I will be waiting Patiently to see what is in store for this one.
GM Long - Possible Bounce off 50 and 200 MAMight be an overreaction after the NKLA news. Appears to be bouncing and reversing on the daily chart after bouncing off the 50 and 200 MA. Also a golden cross forming with the 50 MA crossing over the 200 MA.
On the flip side, the reaction from NKLA could continue if more news comes out so maybe wait for a confirmation.
$GM Fades on Fed, but Bolsters EV ProfileGM shares faltered at a potential breakout level around $33. But this one could be interesting. Who's the next big EV play? General Motors. After its Nikola marketing partnership, the company announced a plan to ramp up EV production. The stock faded with the market on the Fed Sell-the-News action. A move back above $33 could set up a flush above $35.