General Motors suffers from negative pressures - Analysis - 25-01-2023

Economies.com
5 days ago

General Motors' stock (GM) fell in the intraday levels after negative profits outlook, even as recent earnings and free cash flows beat expectations, sending the stock down 0.66% in the last session, or 24 cents, settling at 36.20, with trading volumes surpassing 12 million shares, above 10-day averages of 14.4 million shares. 

 

Technically, the stock suffers negative pressure from the 50-day SMA, with negative signals from the RSI after reaching overbought levels, amid the dominance of the main downward medium-term trend. 

 

Therefore we expect the stock to return lower, targeting the pivotal support of 31.11, provided the current resistance of 35.80 holds on.

 

Expected trend for today: Bearish 

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