Overbought Stochastics on the
15, 60, daily and weekly timeframes.
Looking for a pullback to the 20 day moving average.
Short Entry 24.50 to 25.
Target 23
Note: If the futures are up Monday morning I will look for a entry into short above 25. If the futures are weak Monday morning I will enter short premarket.
$GM : "Treasury should develop a concrete exit plan for GM and Ally," Christy Romero, special inspector general for the government's financial-crisis-era corporate bailout. A Treasury spokesman said it would "continue to balance exiting as soon practicable and maximizing value for taxpayers."
The decline in GM shares from the peak in Feb over $27.50 to its low in July under $19 is over and the stock has found a base valuation at the $19.50-$20.00 level. I note the resistance at the $22 to $23 level and that is why I would expect to see several sharp reactions from that price level before surmounting that price.
Note the downtrend channel has been...
Held major support line as well as Bollinger support, Daily and weekly stochastics oversold, Daily is coiled up tight which will give us that nice upside pop.
Taking Profits:
This is certainly a swing trade that will take a couple days to play out. Looking forward to 2-3 point move upward.
GM is trending up steadily and volume patterns indicate that buyers are far stronger than sellers. The sellers dried up at the $25 level and the buyers stepped up and got aggressive at the $25.50 level and gapped up GM to $26+. Buy any corrections and look for a 10% choppy rally over the month of April.
Note how the volume dried on each successive price...
This is more of an entertaining chart comparison than anything but it does have a lesson in it. Isn't it strange how many markets just end up acting the same even though there is no reason for it? That's the beauty of raw data - we can find patterns in it that really aren't there. Causal or correlation is often the question but clearly there is no connection to...
GM has an interesting trade setup: This is either a setup for a rally after its prolonged selloff or just a resting place before the next downleg occurs. The #1 selloff consumed 5 days. The #2 was 4 days. The #3 was 3 days. And now the downtrend line is close to being violated (if it closes above it) and a rebound is possible. The risk is to the 3-day low or...
