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29th Oct 2020. 3.46pm

Regency View:

General Motors, American Express, Costco – Today’s US Trades Ideas

US auto sales gain pace in October

General Motors (GM) is benefiting from a robust recovery in US car sales.

Data released yesterday indicated that US auto sales would rise 3% in October – ahead of expectations.

After retracing back to broken resistance at 33.32, GM have started to kick on higher again.

Strategy Type: Trend continuation

Key Support 33.32 / Key Resistance 38.02

TRADE NOW WITH IG

GM Daily Candle Chart

GM Daily Candle Chart

American Express gaps below swing support

American Express (AXP) look vulnerable after gapping below key support at 93.41.

Today’s small opening range inside of yesterday’s candle suggests that this downside momentum is likely to continue.

Strategy Type: Momentum

Key Support 75.15 / Key Resistance 93.41

TRADE NOW WITH IG

AXP Daily Candle Chart

AXP Daily Candle Chart

Costco pulls back to trend support

This is a text-book trend contination trade setup.

Costco have carved out a well-established uptrend in recent months – fuelled by a series of strong updates and broker upgrades.

With prices pulling back to previous resistance, Costco looks set to resume its long-term uptrend.

Strategy Type: Trend continuation

Key Support 362  / Key Resistance 383

TRADE NOW WITH IG

COST Daily Candle Chart

COST Daily Candle Chart

Disclaimer:

This research is prepared for general information only and should not be construed as any form of investment advice.