TheStreet’s technical analyst Bruce Kamich believes the recent rally in shares of General Motors (GM) will falter. Kamich said GM stock has twice rallied during the past few weeks to the $36 level, but GM has failed to hold gains in the $36 to $39 area after hitting that range earlier this year. Kamich also pointed out that a three-year weekly chart of GM shows an even bigger band of resistance. He said rallies have failed in the $36 to $42 area going back to early 2013. By looking at the slow stochastic indicator, Kamich finds that the 40-week moving average is flat and prices are overbought. Kamich writes articles for The Street’s Real Money.
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