Hello traders !
First of all, this is not a professional analysis nor an advice of any kind. I’m only sharing my thoughts.
GE
is at strategic resistance/support level, which goes back to Jun 2010, at 13.27.
For the short-term,
GE
is showing bearish signs as the weekly candle opened and closed below the strategic resistance (Yellow line) + the daily MACD has already crossed below its signal.
The way I see it, there are two possible scenarios:
1. It tests the SMA200, at around $12.25, before it bounces back at around $16.
2. If SMA200 failed to act as a support level, then the next support level would be the green trendline at around $11.
Inconclusion,
GE
is bearish for the next couple of weeks and Bullish for the long-term.
(If you find this beneficial, don’t forget to LIKE).
Happy trading!
First of all, this is not a professional analysis nor an advice of any kind. I’m only sharing my thoughts.
GE
is at strategic resistance/support level, which goes back to Jun 2010, at 13.27. For the short-term,
GE
is showing bearish signs as the weekly candle opened and closed below the strategic resistance (Yellow line) + the daily MACD has already crossed below its signal. The way I see it, there are two possible scenarios:
1. It tests the SMA200, at around $12.25, before it bounces back at around $16.
2. If SMA200 failed to act as a support level, then the next support level would be the green trendline at around $11.
Inconclusion,
GE
is bearish for the next couple of weeks and Bullish for the long-term. (If you find this beneficial, don’t forget to LIKE).
Happy trading!