General Motors (GM) deep dive

A few subscribers are asking about today's big rally in General Motors (GM).

General Motors (GM): Cup and handle breakout targets 76.50 and 80.50

If today's big rally on GM triggers a decisive breakout above the 61 area, it would confirm a November 2024-October 2025 bullish cup and handle pattern that suggests further upside to 76.50 (100% extension) and 80.50 (cup and handle count). The 63-61 zone (61.8% extension and breakout point) offers potential support.

Chart 1: General Motors (GM): Weekly chart with cup and handle

Can drive a Chevy truck through today's big upside gap: Key support: 62.36-58.56

Today big volume upside gap provides key support from 62.36 down to 58.56. Given the rally out of a cup and handle pattern, this should represent a bullish breakaway gap. This gap is so big that you can drive a Chevy truck through it.

Chart 2: General Motors (GM): Daily chart with big upside gap

GM could have an even bigger base dating back to early 2022

Zooming out, GM has the potential to confirm an even bigger base on today's gap up and upside breakout above the 61 area. This big base takes the form a cup and handle pattern, with a 2022-2024 cup and a 2025 handle. If this is indeed the case, GM could rally to 96 on a longer-term basis.

Chart 3: General Motors (GM): Weekly chart with the 2022-2025 cup and handle

GM is also breaking out from a 2022-2025 head and shoulders bottom vs. the SPX

A breakout from a 2022 into 2025 head and shoulders bottom for GM relative to the S&P 500 shows the emergence of leadership for GM and is confirming the absolute price breakout above the 61 area.

Chart 4: General Motors (GM) relative to the S&P 500: weekly chart

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