Market Overview

Technical Update: General Motors Company Shares Drop

Technical Update: General Motors Company Shares Drop
Related GM
7 Stocks That David Tepper's Buying And 5 He's Selling
Q3 13F Roundup: How Buffett, Einhorn, Paulson, And Others Adjusted Their Portfolio
Tracking David Tepper's Appaloosa Management Portfolio - Q3 2017 Update (Seeking Alpha)

General Motors Company (NYSE: GM) shares have been under pressure since early July, dropping from $38 to current levels just above $33.

The most recent down move could, according to technicians, be the middle of a breakdown out of a “head and shoulders” topping formation. If this pattern plays out (it will if GM closes below $31.70), the downside targets will be at least $28.89 and possibly even down at $27.32.

Technicians note that short-sellers will likely be jumping all over the stock if it bounces to resistance at $35.14.

At time of publication, GM was trading at $32.93, down 2.1 percent.

Stock chart: 
Stock chart

Posted-In: Short Ideas Technicals Intraday Update Trading Ideas


Related Articles (GM)

View Comments and Join the Discussion!

Partner Center