fonzotrader
Long

General Motors looks promising

BATS:GM   GENERAL MOTORS COMPANY
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Price Target: $38

Ascending triangle pattern( bullish ). The trendline has been tested various times and has not been broken. Right now the price just bounced of a fib line and I expect to keep its upwards momentum. The MA's and the MACD do not give very bullish signals but I believe this will correct itself in a couple of days. The Parabolic SAR gives a buy signal. I expect the stock to break the ascending triangle's resistance level in the next couple of days but if it doesn't it will at least reach the resistance line. The line is around $37.50 which is also a good price target. The reason I have my price target at $38 is because of the fib line and that is the level where the stock has peaked already a couple of times.

** Today i'll post an article where I delve in more in the stock. http://fonzotrader.com
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