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Asset Watch
Friday, February 3, 2023
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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