GM In Bullish Pattern

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By Mike Paulenoff | Published 11/24/2010 | Stocks | Unrated

GM In Bullish Pattern

Yesterday General Motors (GM) tested the post-offering low (33.11) with a secondary low at 33.17, prior to pivoting to the upside into this morning's rally peak at 33.80. The micro pattern from 33.17 to 33.80 exhibits bullish form, which argues for higher prices as long as 33.17 contains any forthcoming weakness.

Should a rally emerge, then GM should head for a confrontation with key resistance at 34.40/50 next.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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