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Interesting Technical Analysis finding for GENERAL ELECTRIC CO (NYSE:GE)

By Mill Chart

Last update: Nov 7, 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 2023-11-07

Insights from Technical Analysis

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Overall GE gets a technical rating of 7 out of 10. In the last year, GE was one of the better performers, but we do observe some doubts in the very recent evolution.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • When comparing the yearly performance of all stocks, we notice that GE is one of the better performing stocks in the market, outperforming 95% of all 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 in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so GE is performing more or less in line with the market.
  • In the last month GE has a been trading in the 105.53 - 114.89 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
  • Volume is considerably higher in the last couple of days.

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

How do we evaluate the setup for NYSE:GE?

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 9 setup rating, indicating its consolidation status in recent days and weeks.

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 very little resistance above the current price. There is a support zone below the current price at 111.29, 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.

How can NYSE:GE be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

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.

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GENERAL ELECTRIC CO

NYSE:GE (2/22/2024, 7:04:00 PM)

After market: 151.26 -0.41 (-0.27%)

151.67

+2.6 (+1.74%)

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