General Motors (GM) and Ford (F) present very different near-term chart structures, with GM exhibiting a more constructive near term pattern than Ford. Nonetheless, both names are in different phases of recovery rallies off of their early February lows.

Reviewing the 60-minute comparison chart on both, we see that Ford's January double-top at 18.97 and 18.88 ended the upleg off of the June 29 low at 9.75. Ford has come off the February 3 low at 15.10 and is flagging in the mid-15 range.

GM is in a bullish triangle formation, having come off the February 3 low at 35.13, which ended the correction off the January 6 high at 39.48. Our targets are 38 and then 38.60.

 

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