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.
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis.
Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter.
He is also the author of Stock Charts for Dummies (Wiley, 2018).