timwest
Long

GM General Motors pulling back to massive support

NYSE:GM   GENERAL MOTORS COMPANY
1626 13 22
Using the KEY LEVELS method, GM             is a low-risk buy against the support created by the last earnings report.

I like to trade against these KEY LEVELS and enter AFTER earnings have been released and the stock revisits the KEY LEVEL. If you rally INTO the Key level then it is RESISTANCE. If it falls down TO the Key level then it is support.

Risk is 1 average range on the other side of the key level.

Upside is to the high of the rally prior to the retest of the Key level.

Target 32-32.50.

32.50 is also a level of LOW VOLUME which is "massive resistance".

Why didn't it trade any volume at 32.50? Because there was a huge seller there and it drove it down under that price. The first time back to it you will see a meaningful reaction.

Cheers.

Tim

11:32AM Friday April             8, 2016

GM             29.48 last, 28.50 stop, 32.50 target.
Comment: Barron's Cover story is helping lift GM this morning. Barron's forecast a 25% upside potential for GM & Ford.
Comment: The 32-32.50 target window was reached today.
Trade closed: target reached
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
Hi Tim! Is it too soon to talk about a broken support??
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@edmunch, What did you want to talk about?
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Excellent trade, thank you!
+1 Reply
well done !
+1 Reply
Thanks @vaicru
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TomPower vaicru
Jim I didn't read it but I followed this post for quite a while and was amazed at its success
+1 Reply
Excellent and unique approach as usual. I manage to learn something entirely new from you every week!
+1 Reply
Will you be holding through earnings though?
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I would cut back to half-size positions. I think the risk isn't necessary to take.
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just read an article about subprime car loans and student debt
do you think Barron s took that into consideration
or is barrons looking short term ?
Reply
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