Downtrend Broken Resist.Archive
- 9/22/2023 -
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General Motors (GM) Technical Analysis
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|It was the negative week for the General Motors (GM). During the week, the GM dropped -1.37 points, or -4.04%, and closed at 32.58 on Friday, September 22, 2023. Weekly volume was -21% below average. |
Long-term trend: [See GM long-term trend chart]
A long-term downtrend had started on January 5, 2022 at 67.21 and reached 30.33 on July 5, 2022. GM lost 36.88 points, or 54.87%, in 25 weeks. The price is now at the 6.10% retracement level.
Medium-term trend: [See GM medium-term trend chart]
A medium-term downtrend had started on July 13, 2023 at 41.04 and reached 32.02 on September 7, 2023. GM lost 9.02 points, or 21.98%, in 8 weeks. The price is now at the 6.21% retracement level.
Weekly Technical Indicators: [See GM weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is below its signal line since August 11, 2023. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
Short-term trend: [See GM short-term trend chart]
A short-term uptrend had started on September 7, 2023 at 32.02 and reached 34.60 on September 15, 2023. GM gained -2.58 points, or -8.06%, in 8 days. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (34.05) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.
Daily Technical Indicators: [See GM daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since August 28, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. The distance between the Bollinger Bands is falling, and it was 5.16% on Friday. It is 69.54% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.