General Motors rebounds to face again the resistances 24-06-2016

GENERALMTRS shares ended yesterday’s trading on Thursday higher by (0.50 point) or (1.71%) of the previous closure after it fell approaching the support barrier of 29.10, comes after it rose during the previous short trades to pass 29.10 resistance to face the SMA 50 near 30.20 resistance, which showed the price movement within a bearish channel the price is approaching its top board now, comes after the price retested the resistance level 33.00 and to fall retesting 30.20 support level which coincided with retesting the channel’s support shown above, to succeed passing this board using the pressure of the SMA 50 and 100 by the end of the week approaching 30.20 level again.

Generally; the current resistances expected to push the price back to the bearish movement targeting 28.10 support, which requires the stability of the current resistance 30.20, as if the price was able to trade and hold above the current resistances it will change the current short term direction.