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Possible Bearish Inside Day Candle Pattern Detected for General Motors C (NYSE:GM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in General Motors C (NYSE:GM) based on the price action in the company's shares. Today's price range of $34.79 and $35.08 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of General Motors C may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

General Motors C (NYSE:GM) has potential upside of 38.6% based on a current price of $34.82 and analysts' consensus price target of $48.26. General Motors C shares should first meet resistance at the 50-day moving average (MA) of $35.27 and find additional resistance at the 200-day MA of $36.77.

General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts. The Company offers vehicle protection, parts, accessories, maintenance, satellite radio, and automotive financing services. General Motors provides its vehicles and services worldwide.

In the past 52 weeks, shares of General Motors C have traded between a low of $32.97 and a high of $41.90 and are now at $34.82, which is 6% above that low price. The 200-day and 50-day moving averages have moved 0.14% lower and 0.11% lower over the past week, respectively.

SmarTrend is tracking the current trend status for General Motors C and will alert subscribers who have GM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle general motors c

Ticker(s): GM