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.
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.
Check the latest full technical report of GE for a complete technical analysis.
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.
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.
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.
GENERAL ELECTRIC CO
NYSE:GE (12/8/2023, 7:04:00 PM)After market: 120.54 -0.05 (-0.04%)
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