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GM on the Road to Recovery Thanks to China Auto Sales, Barra Town Hall Meeting

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

Richard Suttmeier is the chief market strategist at .
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