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General Motors Under Selling Pressure Amid China Probe

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General Motors Company (NYSE: GM) shares are trading lower by $1.12 (3 percent) at $36.24 in Wednesday's session. Investors are exiting the issue amid a report of "monopolistic behavior" by the company in China and may be penalized as a result.

The issue has been a spectacular performer since the election, rallying from its November 9 low ($30.21) all the way to $37.74 on Monday. That's certainly one of its best one-month showings since the company emerged from bankruptcy and began trading again back in November 2010.

After a lower open, it managed a brief rally, but found resistance ahead of the lower-end of Tuesday's range ($36.95), only reaching $36.65, before continuing its mover lower. So far, it has reached $36.05 and is not far off that level. That low coincides with its December 8 low of $36.04.

If the decline continues under $36.00, there may be only limited support in the $35 handle until the trio of lows at the $35 area from December 5, 6 and 7.

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