Technical analysis update: GM (26th May 2021)

General Motor remains in neutral trend. It currently trades within rectangle formation. Its ADX is very low, however, crossover in DMI points to possibility of new trend. Furthermore, RSI, MACD and Stochastics turned bullish over last month. We believe that GM has solid chance to pierce above resistance at 59.10 USD. If this resistance is taken out we expect more upside to come. Our short term price target is 60 USD per share and our medium term price target is 62.50 USD per share.

Our previous thoughts from 27th April 2021:

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.

Comment:

GM peaked at 58.17 USD two days in a row.

Trade closed: target reached:

Our short term price target of 60 USD has been reached.