General Motors target at 44$

Daily analysis on Gold and the Dollar index.
March 13, 2015
US indices approach important support
March 13, 2015

I have been following GM  and tweeting about it since 33-32$ level when it pulled back towards the Ichimoku cloud support. At that time I was looking at that pull back as an opportunity to buy with a stop placed below the Ichimoku cloud. Price reversed higher and I took profits around 36$ where it made a short-term pull back towards 35$. I expected I could buy it lower but price made a new higher high and reached just below 38$ price level where it stayed for nearly a month.

gm2

GM was consolidating for nearly a month and I recently posted on twitter and stocktwits the bullish flag pattern I was seeing and the potential of reaching 44$ once the flag was broken upwards.

gm

Recently the flag was broken and my bullish feeling got confirmed. I’m long again GM with a stop placed at 36$ targeting 44$ over the coming weeks. Price is above the Ichimoku cloud and short-term trend is bullish. We could see a back test of the break out at 37.50$ but it is not necessary.

As always, thank you  for taking the time to catch up with my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.