Wednesday

Resistance

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>GM&nbsp; stock price fell 1.38% in the Intraday session on Wednesday to close at $32.82.&nbsp;</a> </li> 
 <li> <span>2</span> <a>General Motors Company share (NYSE: GM) price fell below the key moving average of 50 and 200 EMA.&nbsp;</a> </li> 
 <li> <span>3</span> <a>GM stock price formed a bearish flag pattern over the daily chart.&nbsp;&nbsp;&nbsp;</a> </li> 
</ul> 
<p>General Motors Company’s (GM stock) price has been in a downward trend since July 2023, when the stock price dropped below the key moving average of 50 and 200. The stock has been affected by the global semiconductor shortage, which has disrupted its production and sales. GM also faces competition from other automakers, especially Tesla, which has a dominant position in the EV market.&nbsp;</p> 
<p>The Daily chart shows that the price trend was positive after the last quarterly earnings. The stock price was following a higher low pattern to surge upwards indicating a positive pre-earnings sentiment.&nbsp;</p> 
<p>However, the post-earning sentiments were totally against it as the stock price declined to show profit booking from the upper levels. the price did not sustain above the key moving averages and slid from a high of $40 to the previous support near $30.&nbsp;</p> 
<p>Recently, the price made a breakdown of a bearish flag pattern on Wednesday. the price is expected to continue with the momentum on Thursday’s session and decline to the $30 level in the coming sessions.&nbsp;</p> 
<p>The average analyst target price for GM stock is $49.22, which implies a potential upside of 49.97% from the current level. General Motors (GM) is one of the largest automakers in the world. The company produces and sells vehicles under various brands, such as Chevrolet, Cadillac, Buick, GMC, and others. GM also has a significant presence in the electric vehicle (EV) and autonomous vehicle (AV) markets, with its Ultium battery platform and Cruise subsidiary.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="462" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-126-1024x462.png" alt="" class="wp-image-165607" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-126-1024x462.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-126-300x135.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-126-768x347.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-126-750x339.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-126-1140x515.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-126.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: barchart.com
  </figcaption>
 </figure>
</div> 
<p>GM&nbsp; stock option-chain analysis states that the current implied volatility in the market is 31.23% with an increment of 1.05% in the last trading session. The at-the-money strike price has 1780 open contracts on the put side and 1633 open contracts on the call side indicating the presence of buyers at the current level. The PUT/CALL ratio is 1.0 indicating a neutral sentiment in the market as per the data.</p> 
<h2 class="wp-block-heading" id="strong-gm-stock-price-made-breakdown-of-a-channel-pattern-over-the-daily-chart-strong"><strong>GM Stock Price Made Breakdown Of A Channel Pattern Over The Daily Chart</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="464" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-125-1024x464.png" alt="" class="wp-image-165606" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-125-1024x464.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-125-300x136.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-125-768x348.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-125-750x340.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-125-1140x517.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-125.png 1281w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: General Motors Company 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>Currently, GM stock price is trading at $32.82 and made a breakdown of a bearish flag pattern. The short-term outlook for the price trend states that the price may decline more as it has made a breakdown of a bearish pattern. The price may decline to the $30 level from where buyers might attempt to halt the downward momentum.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-the-technical-indicators-showing-weakness-over-the-charts-strong"><strong>The Technical Indicators Showing Weakness Over The Charts&nbsp;</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="464" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-124-1024x464.png" alt="" class="wp-image-165605" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-124-1024x464.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-124-300x136.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-124-768x348.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-124-750x340.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-124-1140x517.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-124.png 1281w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: General Motors Company 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>The daily GM stock price chart shows that the price is trading below the 50 and 200-day EMA which shows weakness on the charts. The overall technical opinion rating including <a href="https://www.thecoinrepublic.com/2023/08/31/draftkings-stock-is-the-bullish-momentum-over-in-dkng-stock/" target="_blank" rel="noreferrer noopener">RSI and MACD</a> is 56% sell with a strengthening short-term outlook on maintaining the current direction.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>GM stock price has been falling since July 2023 due to the chip shortage and Tesla’s competition. It dropped below the 50 and 200 moving averages and slid from $40 to $30. It broke a bearish flag pattern on Wednesday and may decline to $30 soon. Analysts have a target price of $49.22 and a positive outlook for GM, one of the world’s largest automakers. The price may rebound from $30 if buyers step in. The short-term trend is negative for GM.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels:</strong> $32 and $30.45.</li> 
 <li><strong>Resistance levels:</strong> $34.15 and $36.06.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

GM Stock Price Analysis: Can General Motors Stock Sink Below $30?

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