I covered my GM short inside 12631 last week to lock in initial gains after the head and shoulders topping pattern, seen below on the daily chart, confirmed.
After earnings this morning, the stock spiked higher but reversed into the red, even as the broad market stabilized.
I am still looking at this stock as topping out and ripe for a move back into the mid-$20’s.
If I see some more downside rejection tomorrow or early next week, again away from $34, I will hop back into a short.
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