GM is trading at new rally highs as the week comes to an end. At mid day shares are up just over 2% as the stock heads for its best weekly close since 2/21. The huge February/March breakdown began in the middle of the following week. We expect more upside for GM in the near term. With solid footing underneath at the September lows a retest of the 2020 high($37.40) looks likely. We are long GM in some managed accounts. We consider GM a fairly low risk buy at current levels. A close below $30.90(this week’s low) would be a clear warning sign that today’s breakout move has failed.
Positive comments from B of A: https://247wallst.com/autos/2020/10/15/why-bofa-sees-significant-upside-for-gm-ford-tesla-and-many-other-auto-stocks/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+247wallst_partners+%2824%2F7+Wall+St.+-+Syndication+Partners%29&mod=mw_quote_news