[GE] Is It Time For General Electric Bulls to Return?
Updated
Noticed a Inverse Head and Shoulders pattern looking formation here.
The 50 and 200 MAs also looking to converge around the neckline on 4-hr chart.
The neckline at $15 seems to be important, it has held support after a sharp bounce from the lows in the '08-'09 crisis.
If it can't hold above the neckline, some serious selling could occur unless fundamentals change.
Don't have much fundamental basis for a bull view, though. We'll have to wait and see the next ER!
The 50 and 200 MAs also looking to converge around the neckline on 4-hr chart.
The neckline at $15 seems to be important, it has held support after a sharp bounce from the lows in the '08-'09 crisis.
If it can't hold above the neckline, some serious selling could occur unless fundamentals change.
Don't have much fundamental basis for a bull view, though. We'll have to wait and see the next ER!
Note
Wow, GE took off today!
Watching RSI now, it's overbought territory on the hourly timeframe and nearing overbought on 4-hr and daily times as well.
A pullback from the neckline before a breakout would be a healthy move I'd consider entering in on.
Note
Getting some consolidation here around the breakout point. Got a small position in call options. Waiting for a solid breakout confirmation to add more!Note
Note
Pivotal moment! Will GE hold above $15 for the week? Will volume continue to increase?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.