Leading automobile manufacturer, General Motors (GM), has been pulling back recently. The stock was a big winner in November. It surged by more than $10.00 a share to a new 52-week high at $46.71. Since that top, the stock has been pulling back and now trade at $40.99 a share. It looks as if the stock is declining from a short term overbought condition on the charts.
The next major support level for general Motors (GM ) stock will be around the $35.00 area. This important level is where there is a key retrace area from the March 2020 lows to the recent high. It is also an area where the stock broke out in early November 2020. Often, when prior breakout levels are tested they will become excellent chart support. The $35.00 level looks like a solid area for a long side trade in the auto giant.
Get EVERY trade Nick is taking with his members right here…
Get all of Nick’s OPTIONS Swing Trades here <<>> Get all of Nick’s STOCK Swing Trades here