GE cup handle chart w/ promising shoot up
I am by far no expert, just having fun charting and seeing patterns... Pre March Covid crash, GE was in an upstream, which got halted by the crisis, rattling it down stream towards the bottom of the cup, where it traded sideways, until about late Sept/Oct where the two straight lines intersect, whence an upstream trend started until about early December where a handle panorama started to form, with a lot of consolidation, where perhaps many investors were taking profits from pre-Covid price ranges. In this current Handle zone (we are in the neon small green line now where today we saw a lot of momentum up pushing through resistances), GE seems to want to shoot up beyond the two parallel resistance lines, but I suspect more profit taking will take place, so I imagine some turbulence ahead there, as it consolidates, before piercing through its resistance lines, where price actually just recently hit on Earning Report day on 1/26. A seemingly classic Cup Handle form, which could work to our benefit. We shall see! The fundamentals of the DXY lower with the 10 Year Yield higher pointing to a stock market positive scenario, propped by high crude numbers, and Federal Bank supporting economic tools, feels to me like a ripe time to go LONG on GE. Good Luck trading!
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