Harmonic targets for General Motors (GM) share

Harmonic targets for General Motors (GM) share

General Motors share has been able to breach through the sloping resistance line appearing on the weekly chart whereas it succeeded in retesting it before inching higher again to stabilize around 37.35 regions.

Potential targets for the connected harmonic Crab patterns reside at 42.50 levels after stabilizing above the neckline of the bigger pattern.

Corrective actions are awaited from 42.00 levels which meet 1.618 Fibonacci of the bigger BC leg.

Assessing indicators, positivity is still appearing on RSI and MACD above moving averages, which support our outlook targeting the PRZ, while 46.50 could be the target of the bigger harmonic picture.

Stop loss should be placed below 33.41 region.

 

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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