GM - Double bottom

171 6 3
The weekly chart says nothing

The daily though has a very bullish pattern , double bottom with divergences on all oscillators, at a very important support area . Secondly, the Weis Wave has a bullish pattern too. I'll explain using the numbered wave labeled on the indicator.
1 - normal selling volume , higher than previous buying waves, but no real progress made.
2 - Bullish change in behavior, the highest buying volume GM             saw since May.
3 - Price came back to test the level at which wave 2 started, but you can notice how small this wave is = low volume pullback.
4 - back to green

Look for 35$, and 38$. I believe 38$ is a bit too much, this is not a strong stock. If the impulse becomes red again, this will be a losing trade.
It's not completely over yet, there is still the low in mid April where it could get a pop but still not my cup of tea.
Doesn't matter what it will to, in my trade I was looking for a rally. When the rally didn't happen, the trade was over. No need to stay long on a falling stock. If it does go up now, well, bad luck... this will remain a losing trade
Nope, not going up
Don't know about that one, maybe it will!
Looks more of a short to me but a little uncertain.
+1 Reply
Yes the inability to rally is worrying, it might be a losing trade
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