GM
Running out of fuel.
Daily chart analysis
After reaching all-time lows during start of Covid back in March 2020, GM went to reach all-time highs by June 2021. All that fake money that was printed during covid sent the stock market soaring.
By December 2021, GM ran out of fumes and couldn’t break the all-time highs and a Double top pattern was formed.
To start in February 2022, price broke from the Double top neckline. The Double top pattern was then confirmed, and price entered a downtrend.
By mid-2022, price entered a Distribution stage and has been moving sideways since.
Today price finds itself breaking thru the support levels of the sideways range. It looks like the Distribution stage is complete and price will look to continue its downtrend.
There was a previous downtrend, followed by a sideways range, and now a breakdown below of support level. This is my cue to enter trade short.
Entering trade short.
Entry: 32.40
Stoploss: 35.50 (-9.64%)
Target: 20.00 (+38.23%), 3.97 RR Ratio
Running out of fuel.
Daily chart analysis
After reaching all-time lows during start of Covid back in March 2020, GM went to reach all-time highs by June 2021. All that fake money that was printed during covid sent the stock market soaring.
By December 2021, GM ran out of fumes and couldn’t break the all-time highs and a Double top pattern was formed.
To start in February 2022, price broke from the Double top neckline. The Double top pattern was then confirmed, and price entered a downtrend.
By mid-2022, price entered a Distribution stage and has been moving sideways since.
Today price finds itself breaking thru the support levels of the sideways range. It looks like the Distribution stage is complete and price will look to continue its downtrend.
There was a previous downtrend, followed by a sideways range, and now a breakdown below of support level. This is my cue to enter trade short.
Entering trade short.
Entry: 32.40
Stoploss: 35.50 (-9.64%)
Target: 20.00 (+38.23%), 3.97 RR Ratio
코멘트:
trade remains active. Will close if price cloes at 38.5
거래청산: 스탑 닿음:
Stoploss: 35.50 (-9.64%)
액티브 트레이드:
ReEntry: 37.37
Stoploss: 39.39, -5.41%
Target: 20.00 (+46.48%), 8.6 RR Ratio
Stoploss: 39.39, -5.41%
Target: 20.00 (+46.48%), 8.6 RR Ratio
You will see what happens to this company now that Debt Ceiling bill has been signed by President.