GM ends the day on a bearish note closing near the low of the day
General Motors (GM) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
GM finished Thursday at 43.57 losing $0.88 (-1.98%). Today's closing price of 43.57 marks the lowest close since June 5th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 43.83, the share confirms its breakout through the prior session's low having traded $0.41 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (GM as at Jun 14, 2018):
Thursday's trading range was $0.98 (2.21%), that's far above last trading month's daily average range of $0.68. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.
Breaking below the key support level at 44.37 today, it is now likely to act as resistance going forward. After having been unable to move above 44.46 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 44.40.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to June's low at 42.33, downside momentum could speed up should General Motors mark new lows for the month.