10-1-14: With any broad market weakness, or perhaps just the lack of market strength, GM appears to likely break a trend line that has been important since Jul-2011. With the current wedge being formed the final price objective would be 21-22 range.
The first initial drop may take GM to the 27-28 range where there has been support/resistance found in the past. This 1st move could happen quickly if the trend breaks. Final target would be around the 22-22 range. No positions yet on GM but something worth watching. If weakness from yesterday continues with a further drop below the trend then a re-test and subsequent failure to recapture the trend may be the cue to position for the downside.
The first initial drop may take GM to the 27-28 range where there has been support/resistance found in the past. This 1st move could happen quickly if the trend breaks. Final target would be around the 22-22 range. No positions yet on GM but something worth watching. If weakness from yesterday continues with a further drop below the trend then a re-test and subsequent failure to recapture the trend may be the cue to position for the downside.