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

By James Quinn

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 $39.10 and $39.24 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 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.

General Motors C (NYSE:GM) has potential upside of 23.2% based on a current price of $39.16 and analysts' consensus price target of $48.26. The stock should find initial support at its 50-day moving average (MA) of $36.93 and further support at its 200-day MA of $36.73.

Over the past year, General Motors C has traded in a range of $30.56 to $41.50 and is now at $39.16, 28% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of General Motors C on June 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.20. Since that recommendation, shares of General Motors C have risen 8.9%. 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