GM Coiling Beneath Major Weekly Resistance – Breakout Setup Targeting $100?GM continues to respect its long-term ascending channel while trading comfortably above the rising 200-week EMA, keeping the primary trend firmly bullish.After the explosive breakout from the $54 region in late 2025, price entered a multi-month consolidation near the top of its channel. Recent price action shows a tightening structure with higher lows pressing against overhead resistance, suggesting building momentum for a potential breakout attempt.
The most important battleground remains the $84.00-$84.24 resistance zone, which has capped multiple advances since the beginning of 2026. Bulls recently defended the lower trendline and pushed price back above $81.32, keeping upward pressure intact.
Key Levels
Resistance
$84.00-$84.24 (major breakout zone)
$87.62
$96.67
$101.40
Support
$74.90
$70.97
$70.33-$70.75 demand zone
$67.05 (critical support)
Rising channel support
Technical Outlook
The consolidation appears to be forming a bullish continuation structure within a broader rising channel. A decisive weekly close above $84.24 would signal a breakout from the six-month range and could open the door toward $87.62, followed by the upper channel projection near $96.67 and potentially $101.40.
On the downside, failure to hold the lower channel boundary would likely shift focus back toward the $74.90 support area and the $70 demand zone.
For now, the trend remains bullish as long as price continues to print higher lows, respects channel support, and remains above the rising 200-week EMA.
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