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Rant & Rave Blog

General Motors (GM) Rebounds Today, But Here's The Real Trade

Posted by Nick Santiago Tuesday, May 14, 2019, 12:11PM ET

Read 486 times

This morning, all of the major stock indexes are rallying higher on the session. As we all know, the major stock indexes are currently short-term oversold from the recent sell off from a failed trade deal with China. One stock that is participating in the rally today is General Motors Co (NYSE:GM.) This stock has been declining since April 18, 2019 when it traded as high as $40.45 a share. Yesterday, GM stock tagged its important 200-day moving average around the $36.50 area. Today, that important support level is being defended and the stock is rebounding higher trading up to $37.22 a share. While this stock could trade a bit higher this week note that if the current U.S. / China trade deal runs into further headwinds more downside is imminent. Ultimately, I would get interested in GM stock around the $32.00 level. This is a spot on the chart where the stock was defended in January 2019 and will likely be defended again when tested.    

 

 

 

Nick Santiago

www.inthemoneystocks.com

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