GM Daily Chart Returns to IPO Price

GM daily chart now returned to the IPO price of 33 in only three short months. The smart money ditched this national embarassment in January. GM fell thru 33 yesterday to approach 32 but recovered back to the 33 IPO price to close the session. The chart is sick. Downward sloping megaphone in place and a bounce here is reasonable. GM should move sideways to sideways up to test the 35 resistance area which is also a confluence with the top rail of the falling megaphone.

Note the horizontal channel range of 33 to 35 moving forward. Histo and stochastics hinting at positive divergence but when a ticker collapses like this there is typically more downside ahead as the RSI and money flow indicate. Stockholders should be happy to simply see sub 35 moving forward since the chart shows that sub 33 is more realistic in the weeks ahead. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.