Strength in anticipation of improved auto sales and the recall confession caused the stock to rally above its 200-day simple moving average (in green) on Wednesday. The stock traded as high as $37.04 at today's open but as of 11:00 AM was back to its 200-day, which is a key level to hold at today's close.
Courtesy of MetaStock Xenith
The weekly chart for GM is positive with the stock above its five-week modified moving average at $34.74 (colored in red) as its 12x3x3 weekly slow stochastic is rising (this is the red study below the bar chart). The new GM stock has not been publicly-traded long enough to have a 200-week SMA.This week's value level is $33.11 with a monthly pivot at $36.67 and a quarterly risky level at $39.58. Our monthly pivot has been a magnet over the past two days. Investors looking to buy should consider using a good 'til cancelled (GTC) limit order to but weakness to the five-week MMA at $34.74. Investors looking to book profits should consider using a GTC limit order to sell strength to the quarterly risky level at $39.58 At the time of publication the author held no positions in any of the stocks mentioned. Follow @Suttmeier This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff >>Read more: GM CEO Mary Barra Moves to Take Command
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts