Will GENERAL ELECTRIC CO breakout?

Our stock screener has identified GENERAL ELECTRIC CO (NYSE:GE) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:GE.

Technical Analysis Observations

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Overall GE gets a technical rating of 8 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, GE is showing a nice and steady performance.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• Looking at the yearly performance, GE did better than 97% of all other stocks. We also observe that the gains produced by GE over the past year are nicely spread over this period.
• GE is part of the Industrial Conglomerates industry. There are 10 other stocks in this industry. GE outperforms 88% of them.
• GE is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so GE is leading the market.
• In the last month GE has a been trading in a tight range between 110.02 and 115.85.

Check the latest full technical report of GE for a complete technical analysis.

How do we evaluate the setup for NYSE:GE?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:GE has a 9 as its setup rating:

GE has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 115.34. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 113.06, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GE in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:GE

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.