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General Motors Corporation - GM - Support Level
Casey Murphy - March 20, 2008


General Motors Corporation - GM

March 19, 2008

Last Trade

$19.03

Volume

29,380,189

52-Week High

$43.20

52-Week Low

$17.47

Commentary:
For today's chart we've chosen to take a look at General Motors Corporation (NYSE:GM) because it is nearing a potential level of support. As you can see from the chart below, the bears have been in control of the stock's direction since it broke below an important trendline in late 2007. However, given the nearby trendline, we think that this stock could be a candidate for a short-term bounce higher.

Notice how the level of support ($29.25) reversed its role and became resistance once the bulls tried to send the price higher. It will be interesting to see if the support near $19 will act in the same way as the $29 level did last year.

For more, see Support & Resistance Basics

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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