General Motors tries to recoup losses - Analysis - 05-07-2022

General Motors' stock (GM) rose in the intraday levels even after the carmaker warned from a drop in this quarter's profits as car sales suffer from supply disruptions, with the stock marking a profit of 1.35%, or 43 cents, settling at 32.19, with trading volumes surpassing 21 million shares, above 10-day averages of 16.6 million shares. 

The main downward trend dominates in the short term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI, as the stock tries to recoup some losses. 

Therefore we expect the stock to return lower, targeting the pivotal support of 30.65, provided the resistance of 34.90 holds on.

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Expected trend for today: Bearish