By Mill Chart
Last update: Sep 18, 2023
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.
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.
Our latest full technical report of GE contains the most current technical analsysis.
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.
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.
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.
GENERAL ELECTRIC CO
NYSE:GE (9/22/2023, 11:35:04 AM)
The U.S. FAA has issued an alert to inspect certain GE CF6 jet engines due to unapproved parts sold by AOG Technics, raising safety concerns.
US aviation regulators warned airlines and other industry players that London-based AOG Technics Ltd. improperly sold bushings for a longstanding type of General Electric Co. jet engine.
Will GENERAL ELECTRIC CO breakout?
Jet engine maker CFM International said on Wednesday thousands of engine components may have been sold with forged paperwork by a British distributor, as the fallout from a probe into falsely certified parts reached London's High Court. Matthew Reeve, a lawyer for CFM and its co-owners General Electric and Safran, said AOG Technics had engaged in a "deliberate, dishonest and sophisticated scheme to deceive the market with falsified documents on an industrial scale".
Jet engine maker CFM International said on Wednesday up to 96 airliners may be taken out of service for checks as the fallout from a probe into suspected supplies of engine components with false paperwork by a British distributor reached a UK court. Matthew Reeve, a lawyer representing CFM and its co-owners General Electric and Safran, said AOG Technics had engaged in a "deliberate, dishonest and sophisticated scheme to deceive the market with falsified documents on an industrial scale". He told London's High Court that 86 "falsified re-certificates" had been found and that, by Monday, the number of engines suspected to have parts with forged documents had risen to 96, compared with a previously published tally of 68.
Goldman Sachs Asset Management has raised $14.2 billion for a new vehicle to buy stakes in private equity funds.
General Electric Co. and Safran SA demanded that a little-known aircraft parts supplier at the heart of a scandal involving bogus components discloses all documents relating to “every single sale of products,” as a growing number of airlines are finding the parts on their planes.
Will GENERAL ELECTRIC CO breakout?
GENERAL ELECTRIC CO (NYSE:GE) Technical Analysis observations.
The company's recent update was worse than expected and management was forced to abandon its key medium-term free-cash-flow target.
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