GE Eyes A Return To Happier Times
Anna Coulling | Nov 11, 2019 12:10PM ET
General Electric Company (NYSE:GE) is always an interesting stock to follow, particularly for those investors looking for longer-term buying opportunities in those blue chip stocks that have seen better days, of which GE is one. The heady days of $40 per share seem a dim and distant memory.
Over the last couple of weeks we have seen GE shares stir from their slumbers at the volume point of control denoted with the yellow dashed line at $9 per share and rise dramatically for two straight weeks under good volume and candles with no wicks to either top or bottom, suggesting there is more to come from this once great leviathan. And more importantly, the stock is breaching strong resistance in the $10.50 per share area, which is now acting as a platform of solid support and denoted with the red dashed line.
From a technical perspective, the volume on the histogram to the right of the chart is falling away as the stock rises and is likely to help GE continue higher, with price-based resistance then coming into play at $12.30 and $12.70 as denoted by the blue and red dashed levels of the accumulation and distribution indicator. These are strong regions as evidenced by the thickness of these lines, which as a cluster represent a significant barrier, so expect to see GE struggle at these levels, but once cleared they will open the way for a move to the dizzy heights of $14.45 per share and beyond in the longer term. Finally, note the trend monitor indicator for NinjaTrader, which is now transitioning from bearish into a potentially longer term bullish phase.
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