Trading GM
Felipe Potes | May 01, 2019 12:13PM ET
General Motors (NYSE:GM) has been trading in a lateral channel over three months having $40.45 as a top or resistance and $36.27 as a bottom or support. And if you look even closer, the stock can even be closing into a smaller channel having it's 50MA at $38.77 as support, keeping the same $40.45 as a top.
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The company reported on Tuesday better-than-expected earnings but a decrease in auto sales in core markets which probably triggered the 2.65% decrease in the stock, feeding even more this sideways continuance.
Three main MAs all seem to be flat at the moment suggesting lateral movements can still go on. So, it's important to monitor the stock's movement in these channels, whether your trading plan is to go short or long, $40.45, $38.77 and $36.27 are the key levels to have in mind for possible future breakouts.
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