GE is bounced on upper channel and i'm expecting a deeper correction, standing at the bearish divercence on daily. Possible scenarios: 1) breakout of lower channel 2) bounce on lower channel for one more wave up
GE is way overbought, I expect a dip to lower levels. I am watching the 30.00 USD area closely.
The $GE weekly appears as a channel up coming into a rising wedge coupled with neg divergences in RSI and Chaikin Money Flow. I've highlighted notable points of support and resistance within the channel, as relative to the 200 MA and Fibonacci levels. Expecting a move back to the 61.8, and potentially the 200 MA/lower channel extreme.
Coming out of its flag, Bollinger Bands expanding, 50dma is just above, just needs volume.
My contribution to Wave-Traders educational pattern charts :-) ....We can notice a large broadening wedge ( or some call it megaphone pattern ). Depending on the general market this could correct into the summer months. Lower levels on the chart.
Breaking below the 200 day moving average like back in August.
Just take a look at the chart, we are in a good position to go Long on NYSE:GE General electric, if you look out for valid reasons - Below are few : 1) In 4hr chart, we have Double Bottom & RSI Bullish Divergence 2) In Hourly chart, its a Triple Bottom with RSI moving upwards 3) Check the Support area marked in Green, its along previous Resistance formed in 4hr...
Very nice short setup for GE with one of the best Risk/Reward in a while. I'm not playing this one as i try to avoid setups that contain an earnings report in them, but if i would play it i'de see if tomorrow Wednesday October the 13th, 2015 confirms with another lower, weak daily candle. Stop loss: ~ 28.40 Open: ~ 27.40-27.90, if confirmed Target 1: ~...
Analyzing $GE's weekly chart shows us several important things: 1. The price broke below a major weekly ascending channel (thick green dashed lines) 2. It did that following a double top on the 61.8 Fib level 3. The secondary trading channel (thin green lines) was recently broken two 4. The price (right now) is below the weekly 50 SMA line and below the Fast SMA...
I have begun slowly accumulating $GE in Jan. after the #2 Excess Demand signal on Jan 20. Average is $24.13 with staggered stops below $24.47, $24.23 and $23.55. However, I think the real long term opportunity will present itself on the first pull back after the January bottom. This is shaping up to occur after the $25.48 (approx.) level is tagged. This is my...
GE has been forming Lower Highs and Lower Lows with a strong resistance @26.32 and good support around @25.07. The Elliot Major cycle indicates the completion of Wave I, II, III and IV with V to complete the pattern. The RSI also indicating a strong resistance.
Genreral Electric resolved Head&Shoulders pattern to downside and closed below the neckline and 50 EMA. That tell us about relative weakness vs broad market. In case of down scenario of SPY (check my comments on this idea in the link below), this company from Industrial Industry (etf XLI showing relative weakness probably because of tension in Iraq and higher oil...
This chart is a comparison on GE and the SPY, and how sometimes GE tends to Sell off before the rest of the equities. Usually SPY would grind sideways for a few days, while GE has been selling off to the downside. I still think SPY in going to grind for the next few days before It starts another leg down.
I LIKE THE COMPANY BUT DEFINITELY SOME DOWN SIDE RISK IN THE SHORT TERM. W% MAY BE TOPPED OUT. PROFIT TAKING WILL HELP PUSH THIS LOWER. A PULL BACK TO THE 9 DAY $26.10 BEFORE GOING TO $25.50. SUPPORT 1 IS AT $25.09.