General Motors has been in consolidation since late October after it rallied to almost $47 per share. GM Daily Chart(click to enlarge)Consolidation:- The daily chart shows GM going through an ABC correction.- Or you can draw some support and resistance lines and say price broke above a falling resistance.- The important thing to point out is that price held above the 100-day simple moving average (SMA), and is now also back above the 50-day SMA. This is a sign of bullish continuation.- Price breaking above $45 was a good sign for the bullish scenario as well.Pullback:- Price immediately retreated during the 1/16 session after the breakout.- We should monitor this $44 area. I think if GM can hold above $44 per share this week, GM is likely to push towards $47 or even $50 soon in Q1.