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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. Yesterday's price range of $35.27 and $35.56 is within the prior day'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.

Potential upside of 36.0% exists for General Motors C, based on a current level of $35.50 and analysts' average consensus price target of $48.26. General Motors C shares should first meet resistance at the 50-day moving average (MA) of $37.28 and find additional resistance at the 200-day MA of $37.79.

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.

In the past 52 weeks, General Motors C share prices have been bracketed by a low of $30.56 and a high of $41.90 and closed yesterday at $35.50, 16% above that low price. The 200-day and 50-day moving averages have moved 0.08% higher and 0.77% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in General Motors C. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of General Motors C in search of a potential trend change.

Keywords: bearish am inside day candle general motors c

Ticker(s): GM