General Motors* (GM) recently returned to the Green Favored Zone in the SIA S&P 500 Index Report from a brief dip into the yellow zone. Yesterday it climbed 6 spots to 110th place.
Over the last six months, shares of General Motors* (GM) have steadily advanced in a step pattern of rallies followed by periods of consolidation at higher levels. Last Friday, the shares broke out over $63.50 to a new high on a jump in volume, indicating a surge in interest from investors and signaling the start of a new rally phase.
Based on measured moves from the two most recent trading ranges, next potential upside resistance tests on trend may appear in the $73.00-$73.50 zone, then the $81.00 to $83.50 area. Initial support appears near the $60.00 round number, then the 50-day moving average near $58.00.
*Shares of General Motors are currently included in portfolios managed by SIA Wealth Management
Over the last year, a consistent uptrend of higher lows has unfolded in General Motors* (GM) shares indicating steady accumulation and strong underlying support. A number of significant bullish technical signals have emerged along the way including a Quadruple Top breakout in May 2020, the snapping out of a downtrend in September 2020, and the initial breakout to a new 52-week high in November 2020. In recent months, the shares have continued to climb, completing a series of bullish Double Top breakouts, including one this week which has signaled the start of a new upleg.
Based on vertical and horizontal counts, next potential upside resistance on trend appears near $73.50, $78.00 and $81.15. Initial support appears near $57.95 based on a common 3-box reversal.
With a perfect SMAX score of 10, GM is exhibiting strength across the asset classes.
*Shares of General Motors are currently included in portfolios managed by SIA Wealth Management
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