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short-term thoughts on GM?

 
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mesa613



Joined: 12 Jan 2006
Posts: 78

PostPosted: Fri Dec 01, 2006 4:35 pm    Post subject: short-term thoughts on GM? Reply with quote

I think there might be support around 29 and heavy volume day on Thursday with stochs undersold.

Thanks.
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Harry



Joined: 11 Jun 2005
Posts: 128
Location: midwest

PostPosted: Fri Dec 01, 2006 8:07 pm    Post subject: Reply with quote

G M looks to have bottomed out. Todays candle could be the start of a J hook. The stochastis are on bottom and the cci is in good shape for a reverse. The only thing that concerns me is the 200 day ma. It is at $27.75. With the price being at $29.75 right now, it is only $2.00 above it. I would watch it very close because it is not uncommon for a stock to go to the next resistance level before reversing. I don't understand how these stocks can use a certain point like a moving average for support so much of the time but they do. Very Happy
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mesa613



Joined: 12 Jan 2006
Posts: 78

PostPosted: Tue Dec 05, 2006 1:07 am    Post subject: Reply with quote

Well I decided to buy a few shares at the end of the day. I was concerned about the 200 MA too but I noticed it was sitting right on the 200 EMA so I decided to buy. Hopefully it'll work out and if not I'll chalk it up to experience.

Cheers and thanks for the input.
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