For today's chart we've chosen to take a look at
General Motors Corporation (NYSE:
GM) because the price is nearing an influential level of
support. As you can see from the chart below, the $29 level has propped up the price in the past and today's 4.83% gain is suggesting that this may happen again. Technically speaking, it will be interesting to see if the bulls can prevent a drop below the nearby support and if they'll be able to push the stock back toward the ascending trendline. This stock is a candidate for a move toward its 52-week high, but it is important to note that bullish trader's will likely set their stop-loss orders directly below the horizontal trendline. One must be ready to change their outlook on the stock in the event that the price slips below $29.
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