In the wake of the devastation of Hurricane Harvey and Hurricane Irma, a lot of cars were flooded. When scrolling through the auto charts, a few were breaking some trend lines this week.
GM is pushing to new highs since basing for 4 years between $23 and $36.
Toyota broke a 2-year trend line and closed near the highs of the week. There is some horizontal resistance at $124 when trying to push to new 52-week highs. The weekly MACD looks ready to break out from a five year down trend in momentum.
Tesla had a surge this week as well, and is ready to test the previous high of $387.
I also recorded a couple of videos this week.
Commodities Countdown and the Market Outlook with Tom Bowley.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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