Stocks

General Motors relinquishes gains - Analysis - 10-08-2018

2018-08-10 13:32:04 GMT (Economies.com)

General Motors' stock hit an intraday high at 38.32 before bouncing off it lower and turning the gains into losses before the close, marking a decline of 0.40% in the last session, or 0.15 points, amid negative pressure from the 50-day SMA, while the Relative Strength Index reached extremely overbought levels compared to the stock's movements. 

 

Therefore we expect more losses for the stock, especially if it settled back below 37.59, targeting the next support at 35.42, which represents the ratio 76.4% of the same retracement levels. 

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