Technical Update: General Motors Company Shares Drop
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.
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