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

By Nick Russo

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 $36.87 and $37.36 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.

In the past 52 weeks, shares of General Motors C have traded between a low of $27.34 and a high of $38.55 and are now at $37.30, which is 36% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

General Motors C (NYSE:GM) has potential upside of 5.5% based on a current price of $37.30 and analysts' consensus price target of $39.35. The stock should find initial support at its 200-day moving average (MA) of $31.75 and further support at its 50-day MA of $31.00.

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. General Motors provides its vehicles and services worldwide.

SmarTrend recommended that subscribers consider buying shares of General Motors C on June 5th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $34.50. Since that recommendation, shares of General Motors C have risen 8.3%. We continue to monitor GM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle general motors c

Ticker(s): GM