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Weakness in GE

With the over-arching 17-week cycle low due in the next two weeks, yesterday’s downside reversal in General Electric (NYSE: GE) could be very significant technically, especially because the price structure plunged below its 20 and 50 day EMA’s after trading above them for the better part of six consecutive sessions. All eyes will be on key resistance at 16.30/32 and key support along the 200 EMA, now at 15.54. My pattern and momentum work argue for weakness in GE to test and likely violate the 200 EMA – on the way to a target zone of 14.80/50 in the upcoming sessions.

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