By Mill Chart
Last update: May 13, 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 utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.
We assign a technical rating of 9 out of 10 to GM. 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.
For an up to date full technical analysis you can check the technical report of GM
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:GM currently has a 8 as setup rating:
Besides having an excellent technical rating, GM also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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. There is a support zone below the current price at 45.05, a Stop Loss order could be placed below this zone.
For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.
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 (5/23/2024, 4:15:20 PM)
After market: 43.71 -0.02 (-0.05%)43.73
-0.24 (-0.55%)
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