Here’s The Trade Level That Could Get GM Revving
InTheMoneyStocks.com | Oct 08, 2019 02:21AM ET
Leading automobile company, General Motors Company (NYSE:GM), has been very weak over the past couple of months. Recently, the company Shares of the auto giant are trading lower by 0.04 cents to $34.86 a share. GM stock has been weak as the company is negotiating with 48,000 striking UAW members. The strike began on September 16, 2019 and news today is telling us that the talks took a turn for the worse on Sunday.
At this time, GM stock is trading below it’s important 200-week moving average. This puts the stock in a weak technical position. The next important support level that I see will be around the $33.00 level. This support area is where the stock has it’s 100-month moving average. It is also where the stock pivoted in June 2019. This level should be solid support and be defended by the institutional crowd when initially tested.
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