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GENERAL ELECTRIC CO (NYSE:GE) showing some interesting technicals. Here's why.

By Mill Chart

Last update: Sep 20, 2023

Our stockscreener has identified a possible breakout setup on GENERAL ELECTRIC CO (NYSE:GE). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:GE for potential opportunities.

GE Daily chart on 2023-09-20

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

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 10 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!
  • When comparing the yearly performance of all stocks, we notice that GE is one of the better performing stocks in the market, outperforming 97% of all stocks. On top of that, GE also shows a nice and consistent pattern of rising prices.
  • 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 the 110.22 - 117.43 range, which is quite wide. It is currently trading near the high of this range.

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

How does the Setup look for NYSE:GE

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:GE currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

GE has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 116.22. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 114.30, a Stop Loss order could be placed below this zone. 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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.



NYSE:GE (12/8/2023, 7:04:00 PM)

After market: 120.54 -0.05 (-0.04%)


+1.11 (+0.93%)

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