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.
Enjoy this article? Hear more from Greg Schnell at
August 10th & 11th, 2018
See how the experts are protecting themselves from market volatility and reducing risk in uncharted waters
Join us online this August for two full days of investing insights, charting wisdom and market commentary from the industry's leading technicians.
Streaming live wherever you are, you'll learn exactly how the experts are navigating the market's changing tides and remaining profitable in all conditions.
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).