General Motors Company (GM:NYSE) is testing the lower boundaries of it’s morphed descending channel. Check this previous post I wrote Feb 11. GM never had a monthly candle close above 38. Now we are back below the breakdown line of 31.50. Check out the monthly candle chart.

gm_m

Here is the weekly candle chart. Some support around the 30 level. If the monthly candle close is below that levell, the target is 25.

gm_w

The 1 year daily candle cart shows the price action testing the descending channel’s low support line.

gm_d

I’m going to come back to this September 1st. What a few months can do in terms of chart morphing (check this post on chart morphing). From a possible bullish breakout to a possible bearish breakdown!

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