General Motors (GM) shares continue to climb within the Green Favored Zone of the SIA S&P 100 Index Report. Yesterday the shares moved up 4 spots to 14th place. Since we last mentioned GM in the September 9th issue of the Daily Stock Report, GM shares have gained 9.9% while the S&P 100 is up 2.8% over the same time period.
A major breakout is underway in General Motors (GM) shares this week. Blasting through $33.50 and then $35.00, the shares have completed a bullish Ascending Triangle base, and snapped out of a downtrend, completing a period of base-building and signaling the start of a new uptrend.
Next potential upside resistance on trend appears near the $40.00 round number, then previous highs near $41.50 and a measured $43.50 on trend. Initial support appears near the $33.50 breakout point.
Since bottoming out in March, General Motors (GM) shares have been under accumulation, steadily advancing and sending a series of bullish signals including a Quadruple Top breakout in May, snapping a downtrend line in August and completing a bullish Spread Double Top in September. The shares recently have kept the party going with a bullish Double Top breakout, keeping the bandwagon rolling.
Initial upside resistance appears in the $39.75 to $40.00 area between a previous column high and a round number, then the $42.20 to $43.05 zone where multiple vertical/horizontal counts cluster around previous highs. Initial support appears near $43.65 based on a 3-box reversal.
With a bullish SMAX score of 9, GM is exhibiting near-term strength against the asset classes.
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