Did General Electric Just Break Support?
General Electric staggered throughout the course of 2021, and now the bulls may be jumping ship.
The main pattern on today’s chart is the close under $88. The industrial stock bounced around that level in December, January and February. Has it finally lost relevance as support?
Next, consider the lower high last month versus January. That kind of descending triangle is potentially consistent with a downtrend starting.
Third, GE hit a 2-1/2 year high above $115 on November 9 after management formally announced its three-part breakup plan. It then failed to hold that peak, which suggests investors “sold the news.”
Fourth, shortly after the stock broke lower, its 50-day simple moving average (SMA) slid beneath the 200-day SMA: a potentially bearish “death cross.”
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The main pattern on today’s chart is the close under $88. The industrial stock bounced around that level in December, January and February. Has it finally lost relevance as support?
Next, consider the lower high last month versus January. That kind of descending triangle is potentially consistent with a downtrend starting.
Third, GE hit a 2-1/2 year high above $115 on November 9 after management formally announced its three-part breakup plan. It then failed to hold that peak, which suggests investors “sold the news.”
Fourth, shortly after the stock broke lower, its 50-day simple moving average (SMA) slid beneath the 200-day SMA: a potentially bearish “death cross.”
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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