October 21 Chart of the Day - General Motors
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
General Motors (GM) broke out sharply today, climbing nearly 15% after posting earnings.
The surge pushed price towards a key technical zone that has repeatedly acted as resistance.
The question now is whether this breakout has the momentum to continue toward previous all-time highs or if price will get rejected again.
We'll review the chart from a price action perspective to identify potential levels of interest in both directions.
The charts highlight key levels where investors and traders alike will be watching closely.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 625+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Monthly Chart
On the monthly chart, price is attempting to push above a major long-term structure that has capped rallies multiple times in the past decade.
This area marks a critical decision point, where strength through it could open the door to a run toward the mid-$70s and possibly the $90s range.
With plenty of volatility traders have had much to be happy with while investors have been on a literal price roller coaster.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
The weekly chart highlights just how quickly price accelerated following earnings.
Previous $61.24 resistance has been reclaimed, and the next key zone sits in the $70-$75 range.
Traders will be watching to see if this move can establish another a higher high or if today’s momentum fades as price approaches resistance.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
Because You Were Interested in today's FREE Chart of the Day...
You may also be interested in this FREE Trading Workshop designed for traders with ambitious income goals but struggle with consistency.
The Breakthrough Method For Traders Who Know What To Do But Struggle With Consistency
Gain Confidence and Clarity with the Patent-Pending NeuroTrading Method™
Learn The Exact System With This Step By Step Training (Even If You Can Only Trade Part Time)
Start Seeing Measurable Results in 21 Days