General Motors ( GM ) stock is up 10% to $3.29 this morning due to the the hopes that the Auto Task Force will be giving GM another loan at the end of the month. There is also hope that the worst is over for the automakers.General Motors Technical Analysis - March 26, 2009
http://stockcharts.com
GM stock analysis is very easy. General Motors has been bouncing off of the 10 day moving average since closing over it in early March. GM also had trouble breaking up though the 50 day moving average for several day but finally closed over this level last week. These two moving averages ( $2.71 & $2.81 ) offer solid support going forward. As you witnessed yesterday, buyers are lined up at these levels. A close below these two moving averages would be bearish and I would be selling my position.
On the upside, the key price that I am watching is $3.54. This was the high on Monday which caused a sell-off. If General Motors stock can get enough buyers to push it through the $3.54 level, I see the next stop at around $4 eventually. After $4.00, I see $4.49 and then $5.87. Lets focus on closing over $3.54 first!
For More Technical Analysis - Go Here
Today's Biggest Stock Market Gainers - Top 2009 Stock Gainers - Top 2009 Penny Stocks
For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free
