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Reinvention

GE: Strength Ahead of Earnings ReportThis old company struggled to reinvent after the banking debacle destroyed its consumer financing division. Older companies CAN reinvent and start a new life. I'm showing the Weekly Chart first so you can see the support zone below and the strong resistance above, where the stock may head sideways for a time. Around $67 is the high of a completed short-term bottom that provides strong support for the current price action. The stock entered the strong resistance level of the Trading Range highs of 2021 - 2022 with what I call a "pre-earnings" run. On the daily chart: GE had a strong momentum run ahead of its earnings report. This was a pre-earnings run, which tend to develop 2-4 weeks ahead of the earnings release. The company is reporting Tuesday this week. The strong reversal candle on Friday after 2 down days is also an indication that the report will be good.
NYSE:GELong
by MarthaStokesCMT-TechniTrader
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