Stock Price Recovery Rallies for GM, Ford
Companies / US Auto's Feb 18, 2011 - 03:46 PM GMTBy: Mike_Paulenoff
General Motors (GM) and Ford (F) present very different near-term chart structures, with GM exhibiting a more constructive near term pattern than Ford. Nonetheless, both names are in different phases of recovery rallies off of their early February lows.
Reviewing the 60-minute comparison chart on both, we see that Ford's Jan double-top at 18.97 and 18.88 ended the upleg off of the June 29 low at 9.75. Ford has come off the Feb 3 low at 15.10 and is flagging in the mid-15 range.
GM is in a bullish triangle formation, having come off the Feb 3 low at 35.13, which ended the correction off the Jan 6 high at 39.48. Our targets are 38 and then 38.60.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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