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Fan Yang

General Motors (GM) Looking at a Bullish Breakout

Shares of General Motors (GM) could be opening up a bullish trend. In the previous update, we marked the 35.00 price level as a critical resistance for GM.

GM Weekly Chart

(click to enlarge)

Triangle Breakout:
- As we can see in the weekly chart, price has been consolidation in a multi-year triangle.
- Last week, price broke above key resistance at 35.00. 
- This resulted in a break of a triangle resistance, which opens up the 41.85 high from 2013.
- If price retreats, price should hold above 33-34 area. Otherwise, this current bullish breakout could be a false one. 

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