General Motors amid negative outlook - Analysis - 21-03-2018

General Motors' stock (GM) fell in the intraday levels, recording a new loss of 0.32% in the last session, or 0.12 points, amid negative pressure from the 50-day SMA, while settling below the resistance of 38.20, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 24.62 to 46.76).

Therefore we expect more losses for the stock, as long as the resistance of 38.30 holds on, targeting the next support at 35.69, which represents the ratio 50% of the same retracement levels.