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JC Parets of Eagle Bay Capital commented on General Electric Company (NYSE: GE) in the firm’s April 5 Dow Thirty report.
Parets noted that GE was structurally “still below the uptrend line from the 2012 lows, making lower lows and lower highs both in price and in relative strength.”
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“Momentum is still in a bullish range and did not reach oversold conditions on the recent correction,” which Parets noted was “a good thing.”
Since 2013, however, the stock had been a “serial underperformer” and the relative strength continued to deteriorate since hitting fresh lows in January, according to Parets.
Read JC's full report on Apple here
“We are now back above the lower of these two converging trendlines and where we want to approach this from a more neutral perspective. Below the January lows and structurally we should see much lower prices with a target near 22 where we have former support and resistance as well as a rising 200 week moving average,” according to Parets’ analysis.
The report indicated that a break-out above the downtrend line from the 2013 highs would be a “positive development” and that in such an event, Parets “would be a buyer of that all day,”
“Until then we still need to view this from a neutral perspective,” Parets concluded.
General Electric recently traded at $28.15, up 9.3 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.