Be alerted when Mike posts an article
Off of Friday’s late-session sell-off to 15.56, General Electric (NYSE: GE) has pivoted to the upside with power and has the right look of a price structure that has entered a new upleg. Let’s notice that GE is approaching a very important resistance area at 16.00/05, which represents the prior rally peak (Nov 10) and the Sep-Nov down trendline. If GE can hurdle and sustain above 16.00/05, the positive 16-17 week cycle (which bottomed on Oct 30 at 14.15) as well as a bullish upleg structure amidst positive momentum should propel the stock to 16.70/90 next.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
