General Motors  (GM) - Get Report is off by more than 2.2% on Wednesday as news of a China probe sparked a downside gap. Shares of rival Ford (F) - Get Report are lower as well.

Considering the post-election ramp in both automakers, a healthy pullback is due. Wednesday's negative news may be the beginning of this phase.

GM began its post-election rise from a very vulnerable position. The stock was at the very low end of its four-month consolidation pattern and looked headed lower. By the close, shares had recovered but were still below very heavy resistance. The next day saw a  powerful follow-through move. GM surged more than 5% on Nov. 10 as a new rally leg got underway.

By last week, the stock had risen more than 23% from the November low and had entered extremely overbought territory. 

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For patient GM bulls, a healthy pullback will provide a low-risk opportunity to add to positions. A fade back down to the November peak would be a welcome event. This level marks the top of a very solid support zone. Just below is the initial post-earnings high near $34.40. This area also marks a one-third retracement of the entire post-election ramp.

If GM can regroup here while working off its overbought moving average convergence/divergence reading, an important base would be in place. From there a fresh rally leg that could eventually challenge the 2015 high would have extremely solid footing.

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This article is commentary by an independent contributor. At the time of publication, the author was long GM.