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.
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.
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.