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Market Insights

Bringing you the trading news around the world.

Another Healthy Pullback in General Motors: Chart Study

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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. Its also bouncing near its 50-day moving average.

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.

For more, please click here to view the related idea and chart analysis on TradingView.

General Motors (GM), daily chart, with key patterns, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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