GENERAL ELECTRIC CO (NYSE:GE) showing some interesting technicals. Here's why.

Our stock screener has flagged GENERAL ELECTRIC CO (NYSE:GE) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:GE for potential movement.

Analyzing the Technical Aspects

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 10 out of 10 to GE. Both in the recent history as in the last year, GE has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, GE did better than 95% of all other stocks. We also observe that the gains produced by GE over the past year are nicely spread over this period.
• GE is part of the Industrial Conglomerates industry. There are 9 other stocks in this industry. GE outperforms 87% of them.
• GE is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month GE has a been trading in the 153.22 - 167.50 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of GE for a complete technical analysis.

Why is NYSE:GE a setup?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:GE is 9:

Besides having an excellent technical rating, GE also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 167.34. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 162.54, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GE in the last couple of days, which is a good sign.

How can NYSE:GE be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.