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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in General Motors (NYSE:GM) based on the price action in the company's shares. Today's price range of $31.55 and $31.68 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

In the past 52 weeks, shares of General Motors have traded between a low of $24.62 and a high of $36.88 and are now at $31.66, which is 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

General Motors has overhead space with shares priced $31.66, or 25.0% below the average consensus analyst price target of $42.22. General Motors shares should encounter resistance at the 200-day moving average (MA) of $31.75 and support at the 50-day MA of $31.00.

SmarTrend recommended that subscribers consider buying shares of General Motors on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.62. Since that recommendation, shares of General Motors have risen 3.7%. 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

Ticker(s): GM