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GM Breaks Out

GM Breaks Out
By Mike Paulenoff, www.MPTrader.com

We told our subscribers earlier today with General Motors (NYSE: GM )at 11.75 that the pattern -- a spike low followed by a vertical thrust, followed by a 60% pullback that morphs into a rounded secondary base formation -- usually finds a way to take off to the upside. Wow, did GM rocket after that, above its breakout plateau at 11.85/90 to an intraday high so far at 12.82. The bullish pattern remains intact and continues to point to 13.10/20 and then 14.00/20. Only a close below 11.75 will compromise the still bullish outlook.

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