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Based on my pattern, cycle and RSI analysis, General Electric (NYSE: GE) appears poised to enter a new upleg that should propel the stock to 16.80-17.00 next and possibly to new recovery highs above 18.00. In particular, the pattern carved out since the Nov 4 low at 14.15 has the right look of the initial upmove of a new upleg followed by a sideways rest-digestion period (11/16-11/24), followed by today’s upside pivot off of 15.92. If my work proves correct, then this morning GE ended its sideways digestion period and entered a secondary upmove within the new upleg that started after the Nov 4 low. When the very positive cyclical confluence is factored into the otherwise positive technical situation, the potential for a very powerful upmove is evident.
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!
