Stock of the day: General Motors

By Tomasz Wisniewski|

Published: May 31 2023, 15:26 GMT+0

Stock of the day: General Motors

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Identifying the first signs of weakness in several prominent stocks, it appears to be an opportune moment to explore potential trading opportunities for selling. Our focus today is on General Motors (GM), which has already shown a notable sell signal, and we are now awaiting further confirmation.

The negative sentiment surrounding GM stems from its long-term downtrend, with the price currently trading below two crucial dynamic support levels (depicted in black on the chart). The additional confirmation we seek lies in the price breaking out of the rectangle pattern (highlighted in yellow) that has been in place since the end of April.

The likelihood of a bearish breakout is quite significant, and it is currently my primary scenario for this instrument. My viewpoint will be negated if the price breaks out of the rectangle pattern to the upside, but the probability of such an occurrence appears limited at present.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-general-motors-1

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