By Mill Chart
Last update: May 8, 2024
Our stockscreener has identified a possible breakout setup on GENERAL MOTORS CO (NYSE:GM). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:GM for potential opportunities.
Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.
Taking everything into account, GM scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, GM has proven to be a steady performer, scoring decent points in every aspect analyzed.
Check the latest full technical report of GM for a complete technical analysis.
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 8 as its setup rating, suggesting a particular level of consolidation in the stock.
Besides having an excellent technical rating, GM also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 45.40. Right above this resistance zone may be a good entry point.
One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.
Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.
More breakout setups can be found in our Breakout screener.
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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
GENERAL MOTORS CO
NYSE:GM (5/17/2024, 7:04:00 PM)
After market: 45.84 +0.08 (+0.17%)45.76
-0.11 (-0.24%)
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