There are signs that NYSE:GE may be ready to breakout.

We've identified GENERAL ELECTRIC CO (NYSE:GE) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:GE for further developments.

What is the technical picture of NYSE:GE telling us.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, GE scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, GE has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, GE did better than 96% 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 one of the better performing stocks in the Industrial Conglomerates industry, it outperforms 100% of 10 stocks in the same industry.
• GE is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month GE has a been trading in a tight range between 110.02 and 115.85.

Our latest full technical report of GE contains the most current technical analsysis.

How do we evaluate the setup for NYSE:GE?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:GE is 10:

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 117.16. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 113.18, 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 breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Disclaimer

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.