Indications Suggest NYSE:GE Could Be on the Verge of a Breakout.

GENERAL ELECTRIC CO (NYSE:GE) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:GE.

Deciphering the Technical Picture of NYSE:GE

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Overall GE gets a technical rating of 10 out of 10. 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 91% of all other 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 however is also trading near new highs, which makes the performance in line with the market.
• In the last month GE has a been trading in the 123.65 - 132.50 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.
• Volume is considerably higher in the last couple of days.

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

How do we evaluate the setup for NYSE:GE?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:GE scores a 9 out of 10:

GE has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 131.20. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 129.81, 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.

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.