GM 10/1/2023
GM
About to blow.
After receiving those COVID bucks that propelled its stock into a nice uptrend, GM spent most of 2021 in a distribution stage, forming an M-top pattern. The price entered a downtrend in February '22 and finally found support in July '22.
The price entered a sideways range, initially resembling a rising wedge but later developing into a sideways channel.
Now price finds itself at the support level of this channel for the fourth time now. It's important to note that the more a support level is touched, the weaker it becomes. Additionally, it is currently under both the 50 and 200 EMA (Exponential Moving Average)
Entering trade short
Entry: 32.99
Stop Loss: 35.07, -6.30%
Target: 19.27, +41.59%, 6.6 RR ratio
About to blow.
After receiving those COVID bucks that propelled its stock into a nice uptrend, GM spent most of 2021 in a distribution stage, forming an M-top pattern. The price entered a downtrend in February '22 and finally found support in July '22.
The price entered a sideways range, initially resembling a rising wedge but later developing into a sideways channel.
Now price finds itself at the support level of this channel for the fourth time now. It's important to note that the more a support level is touched, the weaker it becomes. Additionally, it is currently under both the 50 and 200 EMA (Exponential Moving Average)
Entering trade short
Entry: 32.99
Stop Loss: 35.07, -6.30%
Target: 19.27, +41.59%, 6.6 RR ratio
Dagangan ditutup secara manual
29.17, +11.58%
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.