General Motors Co. GM shares are trading lower Friday.

Dan Ammann, the CEO of Cruise, GM’s driverless car segment, stepped down Thursday.

No further details were provided for why Ammann left.

General Motors was down 4.76% at $55.60 ahead of the close. 

General Motors Daily Chart Analysis

• Shares have been attempting to cross above the $60 level for a time as it has held as a strong resistance area for the stock. The higher low trendline in the ascending triangle pattern has been broken as the stock was unable to breakout and still holds the $60 level as resistance.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) has been trending lower for the past couple of months and now sits at 39. This shows that sellers have been moving into the stock and now the stock is nearing the oversold area where many sellers may be found. If selling continues, the price may see a push lower in the coming weeks.

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What’s Next For General Motors?

General Motors shares were trading in the ascending triangle pattern before they were unable to continue forming higher lows. The stock has been able to test the $60 level again and has been unsuccessful in breaking above it.

The inability to break above this resistance level is a slightly bearish sign as the stock cannot push higher. Bulls are looking for this break above the $60 level with consolidation above it for possible further moves higher. Bears are looking for the stock to continue to hold the $60 level as resistance and for it to break below it.