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CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs and spread bets 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.
Asset Watch
Friday, February 3, 2023
Source: TradingView
Ever since GM plunged more than 40% in 2022, the laggards have become leaders as traders sell winners and buy losers. And despite the sharp rally on Jan. 31, GM could have a material upside if it can clear the declining resistance line near $40.50. Furthermore, after hitting a 2022 low in July, GM has recorded higher lows ever since.
On top of that, the 20-day moving average has acted as short-term support, with rallies continuing if the price stays above the key level. Likewise, with several successful backtests present on the right side of the chart, the 20-day MA has showcased its might in recent days.
Therefore, if GM can clear the declining resistance line, a new bull market could emerge. If not, it may be wise to wait for a pullback to the 20-Day MA ($36.41) before participating.
Are you bullish or bearish?
Source:
GM earnings:
https://www.cnbc.com/2023/01/31/general-motors-gm-earnings-q4-2022.html
GM comments:
https://www.thestreet.com/markets/general-motors-earnings-blast-street-sees-robust-2023-profits
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CFDs and Spreadbets are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of Retail investor accounts lose money when trading CFDs and Spread Bets 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.
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