General Motors Company (GM) is spending a reported billions on developing electric vehicles (EVs) that will counter Tesla Motors (TSLA) as well as other EV companies.
The market is hot for EVs, and this may well set up trading opportunities for long trades in the leaders in EVs including for GM.
This has led us to focus some of our research and analysis attention on GM, and it may be setting up for a long trade idea.
Setting Up for a Potential Mega Lead in the EV Trade
Here’s how General Motors Company shares may be setting up for another bull run for a long trade…
We see that the GM daily timeframe is in a very low spot at the bottom of a very significant channel.
The market price has not been at this level in over seven months, but if one looks to the left side of the chart, this key level is significant support that goes back to 2013.
If the market stays in the buy zone and can break this current angle, there may be an opportunity for an entry to $49.03, which is significantly massive.
There is also short-term resistance one could trade towards $39.36.
The key is that with strong EV demand, GM is getting more trading attention. And we are continuing to research and analyze the stock for a potential new long bull trade.
The Bottom Line
The stock market is not setting up too many easy and obvious bullish long buy trades right now.
But that doesn’t mean that there aren’t any trades that are potentially setting up to be made out of the thousands of stocks of great and successful companies.
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