GE to retest 10.12 resistanceThese are 15min candles, so relatively short term. Descending triangle (green lines) signals increase in price within the next week. Big resistance at 10.12 (top yellow line), stock bounced off that level on May 22 and on June 4. Descending triangle also forms the beginning of the handle for a cup and handle, which is a strong signal for a breakout in price. We could see a retest of 10.12 if that’s the case. If not, a retest of 9.52 could also happen.
Blue arrows indicate what I think could happen, gray arrows indicate what may occur instead.
Keep in mind GE has been in a slump for the past 3 years, so we can't expect it to break that trend for nothing.
