General Electric, testing big support level
After testing 12.79 for two weeks and retracing to 38.2%, GE seems to continue its sell-off, which started back in January 2017.
Today, GE got kicked off the Dow Jones list and replaced by Waldgreens Boots Alliance, a drugstore chain. GE is the last company from the original list of the Dow, it was there for over a 100 years. This adds to the bearish sentiment.
A break below the support opens the lower target area at the next support at 10.67. Last time level was testes in the summer 2009.
A good entry would be below the support level with the buffer that suits your trading style. It is a long term trade.
Alternatively, the price could bounce up again, but I do not see bullish signs. RSI approaching oversold, but it could go as low as 20 as the chart shows.
Happy Trading!
Today, GE got kicked off the Dow Jones list and replaced by Waldgreens Boots Alliance, a drugstore chain. GE is the last company from the original list of the Dow, it was there for over a 100 years. This adds to the bearish sentiment.
A break below the support opens the lower target area at the next support at 10.67. Last time level was testes in the summer 2009.
A good entry would be below the support level with the buffer that suits your trading style. It is a long term trade.
Alternatively, the price could bounce up again, but I do not see bullish signs. RSI approaching oversold, but it could go as low as 20 as the chart shows.
Happy Trading!
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