Market Overview

General Electric Co (NYSE:GE) Signaling Weakness

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This morning, leading diversified industrial company General Electric Co (NYSE: GE) is failing to rally with the major stock indexes. The stock has been declining since April 20, 2017 when it traded as high as $30.54 a share. Today, GE stock is trading around the $28.00 level.

So where is the next major chart support level for GE stock? If traders go back and look at a weekly or monthly chart they will notice a major breakout for GE stock occurred in October 2015. This tells me that the stock will be defended around the $26.00 level when it trades down to that area. So here is the trade, buy GE stock when it trades down to $26.00. Use a weekly chart stop loss with a close below the $24.75 level. The first upside target will be at $27.30, the second target around $30.00.

Nicholas Santiago

InTheMoneyStocks

Posted-In: Short Ideas Technicals Trading Ideas

 

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