Dec 092008
 

I am quite sure that many traders have gone long on GM expecting a nice rally once the bailout details emerge. Question is, where should we take profits? Take a look at the attached chart. You will see two tops back in mid October. That is your crucial level for now. I don’t think we can overcome 7.90 levels in a hurry. Actually there is some early resistance even around 5.60, and if you see the stock falter there, you may want to take out part of your position there. Good luck. (I am still on vacation, hence the irregular updates). Ramki

 Leave a Reply

(required)

(required)