By Mill Chart
Last update: Mar 19, 2024
Our stock screener has detected a potential breakout setup on GENERAL MOTORS CO (NYSE:GM). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:GM.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 9 out of 10 to GM. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, GM is showing a nice and steady performance.
Our latest full technical report of GM contains the most current technical analsysis.
Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:GM currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.
GM has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 40.87. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 40.03, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.
GENERAL MOTORS CO
NYSE:GM (4/19/2024, 11:57:09 AM)
42.57
+0.13 (+0.31%)
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