Another Healthy Pullback in General Motors
General Motors continues to push higher as investors embrace value stocks and the cyclical recovery. Once again the chart is giving some potential signals.
First, the auto maker pulled back to hold the trendline in place since the start of the year. It’s also bouncing near its 50-day simple moving average (SMA).
Second, notice the large bullish candle on Thursday, March 25. Price came within $0.12 of the 50-day SMA but couldn’t reach that level. GM has remained above that candle since – a potential sign of buyers lurking not far below the surface.
Next, GM’s 8-day exponential moving average (EMA) has remained above the 21-day EMA. That’s a sign short-term trend is still bullish.
Finally, notice that the current bounce is occurring near the $57 area where GM topped in January and February. Is old resistance becoming new support?
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First, the auto maker pulled back to hold the trendline in place since the start of the year. It’s also bouncing near its 50-day simple moving average (SMA).
Second, notice the large bullish candle on Thursday, March 25. Price came within $0.12 of the 50-day SMA but couldn’t reach that level. GM has remained above that candle since – a potential sign of buyers lurking not far below the surface.
Next, GM’s 8-day exponential moving average (EMA) has remained above the 21-day EMA. That’s a sign short-term trend is still bullish.
Finally, notice that the current bounce is occurring near the $57 area where GM topped in January and February. Is old resistance becoming new support?
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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