General Motors Rallies Off Sales Data, But Still Struggling With $30 Resistance Level
General Motors Company (NYSE: GM) shares are trading higher by $0.14 at $29.58 in Tuesday's session. Although February US vehicle sales were down 0.01 percent, retail deliveries were up 7 percent.
Off the open, the issue made another attempt to clear the major resistance at the $30 level, but reached $30.23 and quickly reversed course.
This marks the ninth time since January 19, General Motors has tested the $30 area, but has been unable to distance itself from this crucial technical level.
Since making the high, it swooned all the way to $28.92 before rallying back into the mid $29 handle. It posted only one close over $30 in the month of February and that was on the first day of the month, when it ended the session at $30.01.
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