General Motors (GM) – Cars Breakdown – Feb 4th, 2020
Bearish: GM $33.72 – Industrials
IV Rank: 71%
The bearish DailyPlay we chose for Friday, Feb 4th is General Motors (GM). GM is part of the Industrial Sector (XLI). XLI has decline 2.33% lower over the past month and its 1m and 6m trend turned neutral and bearish on Jan 30th and broke below its $82 support level.
General Motor’s 1m and 6m trend bearish on January 6th and just broke below its $34 support level last week. With a technical score of 2 (out of 10), GM is a weak stock that will likely continue lower.
As a stop loss, if GM was to trade above $34 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
Thursday, Feb 6th @ 4:15PM EST – The Benefits of Trading Options