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- 1 GM stock price fell 10% in the current month and the downfall is still continuing.
- 2 General Motors’ stock price downturned and hit a 52-week low.
- 3 General Motors Co. scheduled quarterly earnings of October 24, 2023.
General Motors Company, GM stock price fell more than 10% in October 2023, and the sell-off continued. The stock faced rejection from $34.00 and the price resumed the fall by forming lower low swings.
General Motors stock price is in a downtrend and trading below the 50-day and 200-day EMA. However, the current price is far below the 50-day EMA so a pullback rally may trigger any time to test the EMA.
Previously, GM stock price has taken support multiple times near $28.00 and reversed upward. So, investors expect that a similar kind of pattern might be repeated.
General Motors is expected to report quarterly earnings on October 24, 2023. Market analysts estimated an EPS of $1.884 and revenue estimates at $42.616 Billion.
The historical earnings records suggest the company is likely to beat the estimates. Therefore, the buyers in GM stock might come forward to halt the downfall.
Moreover, the stock is trading near to crucial support so it will be difficult for sellers to pull the prices further down. General Motors stock price closed the previous session at $29.48 with a one-day decline of -2.80%.
GM Stock Price Prepares to React in Earnings
GM stock price is inside the sellers’ radar and bears continuing their dominance on higher levels. The quarterly earnings are near so the volatility in the stock price may rise.
If General Motors beats the analyst estimates the stock price might react positively which will show signs of trend reversal. However, sometimes it is seen that earnings were good and estimates are also met.
Despite that, the stock price may fall. So, investors must be prepared for both scenarios. The analysis suggests the stock has corrected a lot and the time for reversal is near.
Will General Motors Stock Price Respect $28 Level?
General Motors stock price fell for three consecutive weeks. It shows that sellers are strengthening their grip and not letting buyers give pullback.
This will be the fourth time in the last 18 months when GM stock price is near $28.00. So, investors are keeping an eye on it and quarterly earnings might become a reason to build fresh longs.
Technical indicators like MACD and RSI denote mild weakness. But price action suggests building fresh short positions is highly risky.
Conclusion
General Motors Company, GM stock price fell more than 10% in the current month. However, the price is near the crucial support and quarterly earnings are scheduled in the coming week. So, General Motors stock price may take a U-turn after earnings.
Technical Levels
- Resistance levels: $34.65 and $38.00
- Support levels: $28.13 and $26.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
