General Electric Isn’t Breaking Out
General Electric rallied sharply between last October and March. But it’s failed to break out and could now be at risk of rolling over.
The first pattern on GE’s chart is the double-top around $115 in March and May.
Next, the industrial stock slipped under its 100-day simple moving average (SMA) in early July and has stayed this since. That line appears to be turning into new resistance.
Third the 8-day exponential moving average (EMA) is on the verge of crossing below the 21-day EMA.
Next, consider the trio of higher lows near the rising 200-day SMA. This would typically be viewed as a bullish ascending triangle. But given weakness in the broader industrial space and GE’s long-term bearishness, there could be a greater risk of this pattern resolving to the downside.
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The first pattern on GE’s chart is the double-top around $115 in March and May.
Next, the industrial stock slipped under its 100-day simple moving average (SMA) in early July and has stayed this since. That line appears to be turning into new resistance.
Third the 8-day exponential moving average (EMA) is on the verge of crossing below the 21-day EMA.
Next, consider the trio of higher lows near the rising 200-day SMA. This would typically be viewed as a bullish ascending triangle. But given weakness in the broader industrial space and GE’s long-term bearishness, there could be a greater risk of this pattern resolving to the downside.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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