Stock of the day: General Motors Company
29 November 2023
In today's technical analysis, we're revisiting General Motors Company, a topic of discussion exactly a week ago. At that time, General Motors was navigating through a downward channel, defined by two parallel red lines, hinting at potential changes on the horizon. Fast forward to today, and we're witnessing these anticipated shifts materialize.
The significant development this week is the breakout from this channel. General Motors' stock price has surged upwards, decisively breaching the upper boundary of the channel down formation. This movement is not just a minor fluctuation; it marks a definitive buy signal, altering the stock's trajectory.
Our attention now turns to the next critical milestone: the $31.8 resistance level. This target, represented by a yellow horizontal line on the chart, stands as the next major hurdle for General Motors. Based on the current momentum and market dynamics, the probability of reaching, or even surpassing, this resistance is considerably high.