• Return to Headlines

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

By Amy Schwartz

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 $22.03 and $22.52 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.

Over the past year, General Motors C has traded in a range of $14.33 to $41.90 and closed yesterday at $22.44, 57% above that low. The 200-day and 50-day moving averages have moved 1.09% lower and 3.82% lower over the past week, respectively.

General Motors C has overhead space with shares priced $22.44, or 53.5% below the average consensus analyst price target of $48.26. The stock should run into initial resistance at its 50-day moving average (MA) of $22.80 and subsequent resistance at its 200-day MA of $33.09.

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.

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 am inside day candle general motors c

Ticker(s): GM