Inverted Head and Shoulders Base for GE

Dec 02

by Mike Paulenoff, Tue December 2nd, 2008

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Inverted Head and Shoulders Base for GE
By Mike Paulenoff, www.MPTrader.com

Don't tell anyone, but the 2-week General Electric (GE) pattern resembles an inverted head and shoulders base. If GE hurdles and sustains above both 17.20 and then 17.70 (which represent the neckline of the pattern AND the Sep-Dec resistance line), then we should expect a potent upside continuation towards a minimum target of 20.30/60, and perhaps to 21.90-22.30 thereafter, to fulfill its upside potential.

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!

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