Leading auto manufacturer, General Motors Co (NYSE:GM), has been declining since August 1, 2019. At that time, the stock traded as high as $41.90 a share. Today, GM stock is trading lower by 0.59 cents to $34.56 a share. Traders should note that GM is now trading below it’s 50 and 200-day moving averages. This puts the stock in a weak technical position and signals further downside in the near term. The next important support level for GM stock will be around the $33.00 area. This is where the stock was defended in early June 2019 before breaking out to the upside. Often, pivot lows that lead to a big upside surges will be defended by the institutional crowd when initially tested. GM will be on my buy-side radar around the $33.00 level.
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