GM shares stopped falling in mid-October, bouncing off USD 30.50, a strong historical level. Attempts to break out of the falling band YTD were blocked at the USD 33.80 local resistance level. At this point, the band, within which GM tried to trade up, was breached to the downside. The stock has already retraced to the breakout boundary. Investors can short the stock at prices close to the current levels with the target noted above. The stock is very likely to retrace to USD 30.50 and try to break through this level.
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My forecast participates in the Market Forecaster contest. Follow the link s30548462907.whotrades.com/blog/43005113158
to vote for it and help me win the top prize. Thank you.
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