Car Manufacturers Rev Up

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.

I also recorded a couple of videos this week.

Commodities Countdown and the Market Outlook with Tom Bowley.

Good trading,
Greg Schnell, CMT, MFTA


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