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 an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018).
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs.