Stock of the day: General Motors

By Tomasz Wisniewski|

Published: October 16 2023, 09:49 GMT+0

Stock of the day: General Motors

In today’s stock of the day, we turn our focus to General Motors, a household name that has recently been making headlines not just for its automobiles but also for its stock market trajectory. We touched upon this company at the beginning of the month, right when it was on the brink of issuing a significant sell signal. As the days unfolded, our observations were validated.

Diving into the specifics, General Motors has been traversing into uncharted territories with new long-term lows. At the onset of October, a noteworthy movement occurred; the stock price broke through a pivotal horizontal support at $31.7 (yellow). In tandem with this downward surge, a mid-term uptrend line, represented with a distinct blue color on charts, was also surpassed.

Following this descent, General Motors stock attempted a modest rally, almost as if trying to make amends with the earlier supports. However, this turned out to be a short-lived journey, effectively serving as a retest of the once-support-now-resistance zones. This reaffirmation of resistances and the ensuing decline stands as a testament to the prevailing bearish mood in the market.

Over the last three trading days, the negativity has been palpable. With consistently bearish candles painting a rather grim picture, it seems General Motors might be gearing up to hit new lows soon. Investors and traders alike would be wise to keep a close watch on this stock’s trajectory in the coming days.

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