GENERAL ELECTRIC CO is showing promising signs of setting up for a breakout.

Our stock screener has spotted GENERAL ELECTRIC CO (NYSE:GE) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:GE.

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

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 9 out of 10 to GE. 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 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 one of the better performing stocks in the Industrial Conglomerates industry, it outperforms 88% 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 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 the 110.02 - 117.21 range, which is quite wide. It is currently trading near the high of this range.

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

Why is NYSE:GE a setup?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:GE exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, GE also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 115.50. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 113.73, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:GE

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

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.