Head and shoulder pattern is looming on SWN chart and today's candle confirmed the break of the neckline.
what next is waiting to test the neckline before fall to the expected price 3.83$.
GE braced to form a Head & Shoulder pattern, which confirms my hypothesis the volume itself.
Volume has a downtrend between the left shoulder and the head which gives more accuracy to form the pattern.
The target price is 9.65$ which is a match between the distance from head to neckline and 38.2% Fibonacci level to the most recent uptrend wave.
MACD on WEEKLY...
When the 1st stimulus plan was approved, AMZN price was almost 1900 and raised to 3536 during five months which almost 85%. Led to high profit exceeded the estimation two times.
The same scenario could happen again after the 2ed stimulus plan has been approved, but the expectation for the price would be divided by 2 according to the value of the 2ed stimulus plan...
GE show downtrend indicators according to MACD that shows overbought with negative cross between MACD and MACD signal. Also the price has been breaking the second uptrend which started to creat it on 12 NOV.
best strategy for now, is to short the stock or to buy a put option and the target will be 8.73 according to Fibbonatchi retracements.
Buy the stock...
The stock shows an uptrend pattern. It formed a flag ( continuous pattern) from Jun to Dec 20, and it supported with uptrend channel from Oct 20 to present.
Target price level is around 5.5 and the time expected to reach this level between March and July 2021.
