General Motors Stock (GM) Awaits a Price Surge From Its Wireless Battery Technology

General Motors Stock (GM) Awaits a Price Surge From Its Wireless Battery Technology

 Published: December 8th, 2021

General Motors stock regained a bullish pressure as investors gained some traction regarding General Motors EV futures arrival. The first GM vehicle that used the next generation Ultium battery platform is Hummer EV, now in production. Moreover, two other EVs are yet to launch soon.

On GM’s investor day, Cruise caused a drop with the target of $50 billion annual revenue by 2030. However, Cruise management was initiated in detail to scale up its business in more locations. Early in 2021, GM collaborates with Microsoft on accelerating self-driving vehicles. Microsoft invested $2.75 billion for Cruise and Walmart, Honda, GM, and other institutional investors. Therefore, the investment made the cruise valuation over $30 billion.

GM plans to leverage the massive scale and capital efficiency with 1 million EV sales within 2025. Its unique and flexible Ultium battery could accommodate the entire portfolio from passenger cars to big trucks. Moreover, GM focused on technological and engineering excellence to support the GM stock to grow higher. Some industry specialists also claim GM’s Ultrium battery as a game-changing technology capable of working wireless.

Let’s see the upcoming price direction from the General Motors Stock (GM) technical analysis:

General Motors Stock (GM) Daily Chart

General Motors Stock Daily Technical Analysis 8th December 2021

GM stock has been trading within a broader bullish trend since the COVID-19 market crash, where the current buying trend started from 14.39 and reached an all-time high at 65.81. The most recent chart remained corrective, where the price moved up above the 58.00 level with a bullish break of structure and remained bullish above the dynamic 20 EMA.

The above image shows how the price moved above the dynamic 20 EMA after multiple failures. Meanwhile, the MACD Histogram remained bearish but squeezed to the zero level. In this market context, the buying possibility towards the target of 68.00 is valid as long as the price trades above the dynamic 20 EMA. A break below the 58.00 event level would alter the current market structure and lower the price towards the 50.00 area. Besides the current price action, investors should closely monitor how GM releases its new vehicles where any positive news would increase the bullish possibility even if the price remains below the 58.00 event level.

General Motors Stock (GM) H4 Chart

General Motors Stock H4 Technical Analysis 8th December 2021

According to the Ichimoku Kinko Hyo, GM stock is on a minor trend change from bearish to bullish as the Dynamic Kijun Sen crossed over the Tenkan Sen. At the same time, the price remained above these dynamic levels. Moreover, Senkou Span A remained below the flat Senkou Span B in the future cloud and aimed higher. Therefore, the buying pressure in GM stock is valid as long as it trades above the cloud support and 58.00 static support.

The above image shows how the RSI remained stable above the 50 level after testing the oversold 30 area. In that case, if the RSI moves up towards the 70 levels, with support from dynamic levels, we may expect the bullish pressure to extend in the coming days. On the other hand, a sharp decline below the 58.00 level with a bearish H4 close may initiate a selling pressure towards the 50.00 area.

General Motors Stock (GM) H1 Chart

General Motors Stock H1 Technical Analysis 8th December 2021

GM stock is trending up in the intraday chart after forming an inverse Head and Shoulder pattern with a neckline breakout. Moreover, the price is trading above the dynamic 20 EMA with no sign of divergence in MACD.

The above image shows how the MACD Histogram formed PNP with Hidden divergence. Although the price is above the 61.26 support level, it failed to hold the momentum above the most recent high volume level of 62.09 and dynamic VWAP. Therefore, a strong bullish pressure may come if an H1 candle appears above the 62.00 level. In that case, the primary target of the bull run would be towards the 64.85 area. On the other hand, breaking below the 59.00 would alter the current market structure.

Should You Try Buying General Motors Stock (GM)?

As per the current market condition, GM stock is more likely to show a long bull run due to its unique wireless battery technology. The long-term buying opportunity is valid as long as the price trades above the 58.00 event level. In that case, the price may break the current all-time high level and begin a new trend.

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