Tesla
This counter, according to RHB Research’s latest technical analysis dated 6 July, is consolidating below the immediate resistance level of USD720, after undergoing strong selling pressure recently. Falling below the 21-day SMA line will indicate that the bears have the technical advantage. If the negative momentum persists, it may retrace towards USD630, followed by the USD570 support. Towards the upside, breaching above the USD720 resistance should lift the stock towards the higher resistance of USD780.
General Motors
GM has been going through correction phase recently. During the latest session, the stock attempted to cross
above the immediate resistance of USD33. in the RHB Research’s technical analysis report, it is noted that the stock is charting a bearish pattern of a “lower high” with “lower low” in tandem with the 21-day SMA line, which is trending downwards as well. For now, the bears are in control, and the stock may undergo a correction to USD29.50, followed by USD28. However, if it breaches above the USD33 threshold, the stock should rebound towards USD36.
