2 Auto Stocks That Haven't Stopped Climbing This Year
Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM) are both stocks with strong uptrends throughout 2021. As leading automotive companies, these stocks may not stop throughout the rest of the year.
Below is a technical look at each of the charts.
General Motors Daily Chart Analysis: The daily chart above shows the stock has been in a strong uptrend throughout the year.
The stock is showing two key levels on the chart: these levels are near the $55 level and the $60 level. $55 was an area where the stock struggled to cross above, but eventually broke out and retested this area as support.
The $60 level is similar to the $55 in how the stock has acted. $60 previously held as resistance before the stock was able to break out. Now, the stock is looking to test this $60 area as support before it potentially continues its upward trend.
See also: Is Now The Time To Buy Stock In GM?
Ford Daily Chart Analysis: The daily chart of Ford stock is very similar to GM. The Ford chart has also been in a strong uptrend throughout the year.
The stock is showing two key levels as well and the first is near $12 as this is a place where the stock struggled to cross above. After the stock crossed above $12, it was able to retest this area as support before moving back higher.
The stock then rose to the $13 level and was unable to break above. This area may now hold as resistance until the stock is able to cross above.
See also: How to Buy GM Stock
What’s Next? Bullish technical traders would like to see consolidation on these stocks above old resistance levels. Consolidation above these levels is key for the stocks to potentially see a higher push in the future.
Bearish traders would like to see the stocks fail to hold these levels as support. If the stocks were able to fall below support, bears would like to see the stock stop forming higher lows.
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