General Motors gives in to negative pressure - Analysis - 12-07-2018

General Motors' stock (GM) fell anew in the intraday levels, recording a loss of 1.97% in the last session, or 0.79 points, and settling anew below the support of 39.34, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 31.92 to 46.76), after touching the resistance of the 50-day SMA. 

Therefore we expect more losses for the stock, as long as it settles below 39.34, targeting the next support at 37.59, which represents the ratio 61.8% of the same retracement levels.