Stock of the day: General Motors

By Tomasz Wisniewski|

Published: October 05 2023, 07:12 GMT+0

Stock of the day: General Motors

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Embarking on an analytical journey through the realms of General Motors (GM) provides a lens into a not-so-rosy picture for the automaker as October unfolds its trading chapters. A discernible signal to sell emerges from its recent activities, an exposition worth delving into for traders and shareholders alike.

Since April 2022, GM found itself encapsulated within a sideways trend, exhibiting a semblance of stability yet latent with undercurrents of impending volatility. Defining its trading boundaries were a resilient resistance marked in green and a duo of supports, colored in blue to denote its dynamic nature and yellow representing a more recent, horizontal inclination.

The dawn of October bore witness to a breach of these supportive barricades – initially, the blue dynamic support gave way, subsequently followed by its yellow horizontal counterpart. The price unreservedly plummets to carve out new long-term lows, finding itself enmeshed in a struggle against the prevailing bearish sentiment permeating its trading trajectory. The existing predicament elucidates a decidedly negative sentiment, propelling the stock into precarious territories.

For those eyeing the possibility of a sell signal cancellation, a resuscitation of the price above the blue dynamic support—now assuming the role of resistance—is imperative. Until such a revival materializes, the stock may continue its descent, tethered to the prevailing bearish outlook that currently enshrouds General Motors’ market presence.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-general-motors-company-2

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