General Motors continues to push higher as investors embrace value stocks and the cyclical recovery. Once again the chart is giving some potential signals.
First, the auto maker pulled back to hold the trendline in place since the start of the year. Its also bouncing near its 50-day moving average.
Second, notice the large bullish candle on Thursday, March 25. Price came within $0.12 of the 50-day SMA but couldn’t reach that level. GM has remained above that candle since – a potential sign of buyers lurking not far below the surface.