Technical analysis update: GM (13th July 2021)

GM did gap up (at the open) towards resistance when U.S. market opened on 9th July 2021. Today it held just below resistance and did not retrace its gap. RSI and Stochastics reversed to the bullish side. MACD is neutral. ADX is very low which suggests weak trend or no trend in GM. At the same time price retracement failed to occur. If retracement fails to occur in the following days then bullish case for GM is strongly bolstered (for short term). Our short term price target is 60 USD and our medium term price target is 65 USD. However, investors should pay attention to the price action in GM over the coming days as earning seasson begins and with it we may see increased volatility in the market.

Current setup:

Prior developements from 26th May 2021:
Here we stated that GM entered rectangle formation. We correctly predicted breakout above resistance and subsequently reached price target of 60 USD and 62.50 USD.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.