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General Motors: will rally up continue?
2021-02-08 • Updated
What happened?
General Motors is trading at all-time highs. Some investors have started thinking that it’s overbought, that’s why they have taken a wait-and-see approach in anticipation for some catalyst. And here it comes! General Motors will report its earnings on February 10 at 17:00 MT time (GMT+2). The market forecast is $1.64 per share.
- If the actual earnings are greater than the estimates of $1.64, GM will rise.
- If the actual earnings are less than the estimates of $1.64, GM will drop.
Green tendency
Green stocks are becoming more popular among investors. Have you noticed? Microsoft has cooperated with Honda, Google – with Ford. Indeed, the electrical vehicles take the large part of environment-friendly stocks and they have a huge potential to grow. Such a high interest was triggered by Biden’s commitment to fight global climate change. His goal is to make the US carbon-free by 2050.
Why GM surged?
General Motors has been developing a fully electric future. It grabbed the attention of traders with its ecosystem BrightDrop, which helped the stock to surge. BrightDrop is “first to last mile delivery” system, which consists only of electrified products and services. General Motors also announced plans to go carbon neutral by 2040! No doubt that General Motors will take one of the leading positions in the electric-vehicle race.
Technical analysis
General Motors rose above $55.00 for the first time in its history, but pulled back to $50.00. It should be just a natural sell-off ahead of the further rally up. If the earnings report beats the estimates, it may jump to the key psychological mark of $60.00. On the flip side, the worse-than-expected report may drive the stock below $50.00 to the recent low of $40.00.
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Kseniya Medik
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