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TheStreet Open House

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

Stocks in this article: GM

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

Richard Suttmeier is the chief market strategist at ValuEngine.com.
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