After six months of consolidation work, GE stock has put together a solid technical platform for a pattern breakout to fresh relative highs
As the monthly chart of GE shows, a bullish “high handle” formed against the stock’s 38% retracement level has found support around the mid-pivot of a bottoming and bullish W pattern.
A reaction in shares above the contraction’s high of $115.23 in conjunction with a bullish stochastics crossover should reasonably find GE stock rallying towards $140 to $160 and a challenge of the 50% to 62% Fibonacci zone.
Should the handle’s current low from two weeks ago continue holding and stochastics signals a crossover prior to a breakout in shares, I’d be agreeable with a lower-priced purchase in GE alongside a stop-loss beneath the pattern bottom of $94.56.
Also, when’s we look at the weekly chart (currently chart) you also see we’ve been forming a symmetrical triangle for quite sometime.
We’re also close to the end with the 50, 100 & 200MA coming quite close to each other.
I suggest keeping this on your watchlist as it prepares for its next move.
Watchlist activated.
- Factor Four
As the monthly chart of GE shows, a bullish “high handle” formed against the stock’s 38% retracement level has found support around the mid-pivot of a bottoming and bullish W pattern.
A reaction in shares above the contraction’s high of $115.23 in conjunction with a bullish stochastics crossover should reasonably find GE stock rallying towards $140 to $160 and a challenge of the 50% to 62% Fibonacci zone.
Should the handle’s current low from two weeks ago continue holding and stochastics signals a crossover prior to a breakout in shares, I’d be agreeable with a lower-priced purchase in GE alongside a stop-loss beneath the pattern bottom of $94.56.
Also, when’s we look at the weekly chart (currently chart) you also see we’ve been forming a symmetrical triangle for quite sometime.
We’re also close to the end with the 50, 100 & 200MA coming quite close to each other.
I suggest keeping this on your watchlist as it prepares for its next move.
Watchlist activated.
- Factor Four