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General Motors starts the week with negative trades - analysis 02-08-2016
GENERALMTRS shares ended Monday’s trading lower by (-0.24 point) or (-0.76%) of the previous closure, where the price previously opened the trades around 30.20 support level that coincided with the support of SMAs 50 and 100, comes after the price was able to avoid 32.35 resistance up from 30.20 level as a confirmation for breaking the bearish pace after passing 29.10 level with the bearish channel top board with SMA 100, after the previous decline that pushed the price to try passing the channel’s support shown above, comes after it rose approaching the resistance barrier of 30.20 that coincided with the SMAs 50 and 100 , comes after it rose during the previous short trades to pass 29.10 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 then.
Holding above 30.20 level pushed the price to avoid 32.35 resistance to face 33.00 resistance, the level that pushed back the price to retest 32.35.
Generally; the previous decline came in order to gain a positive momentum to get back the bullish moves, as the stability of the current supports will push up the price ahead 32.35 and may pass it again, but trading below the mentioned supports will lead the price to the next support level 29.10.
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