General Motors is Still in the Game! Trading Idea for 06/10/2023
Amid the UAW (United Auto Workers) strike, General Motors' shares reached a three-year low. The automotive giant's management is likely to eventually come to an agreement with the workers' demands.
It is interesting to note that in Q3 2023, General Motors and its dealers sold 21% more cars than in the same period last year, leading to a 19% year-over-year growth in total sales. In addition, the implementation of electric vehicles has seen a 33% increase year-over-year. Once the strike comes to an end, this outstanding performance will likely be reflected in the growth of stock prices.
Consequently, our focus today is on the General Motors (NYSE: GM) chart.
On the D1 timeframe, resistance is currently at 33.43, with support at 32.18 having broken through this Tuesday 3 October. Yesterday quotes rebounded from a crucial historical level at 30.02.
On the H1 timeframe, the short-term target for the price increase is around 35.25, while in the medium term, it could reach 44.75.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
It is interesting to note that in Q3 2023, General Motors and its dealers sold 21% more cars than in the same period last year, leading to a 19% year-over-year growth in total sales. In addition, the implementation of electric vehicles has seen a 33% increase year-over-year. Once the strike comes to an end, this outstanding performance will likely be reflected in the growth of stock prices.
Consequently, our focus today is on the General Motors (NYSE: GM) chart.
On the D1 timeframe, resistance is currently at 33.43, with support at 32.18 having broken through this Tuesday 3 October. Yesterday quotes rebounded from a crucial historical level at 30.02.
On the H1 timeframe, the short-term target for the price increase is around 35.25, while in the medium term, it could reach 44.75.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.