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Trends & Analysis
News

PepsiCo posts earnings beat, but misses on sales

News

Crude oil spikes after US inventories data

News

Risks on the horizon for the S&P 500?

News

GBP/USD retreats after hitting 1-month high

News

US dollar recovers from last week’s losses

News

Should you own Meta Platforms or Alphabet?

Asset Watch

Is it full speed ahead for General Motors?

 

Friday, February 3, 2023

After General Motors (GM) raced past analysts’ Q4 earnings estimates on Jan. 31, CEO Mary Barra said:
“This is the breakout year for the Ultium platform…. Our EVs are transformational in so many ways. We’re earning new customers. Our investments are creating new jobs. We’re moving closer to a world with zero crashes, zero emissions and zero congestion.”
Wedbush analyst Dan Ives reiterated his outperform rating and $46 price target, adding that “demand worries and supply shortages are a thing of the past.”
So, while the fundamentals are bright, are the technicals as supportive?
General Motors Stock Chart Trading View

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?


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