The question on everyone's mind: Will GENERAL ELECTRIC CO breakout?

GENERAL ELECTRIC CO (NYSE:GE) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:GE.

Analyzing the Technical Aspects

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, GE scores 9 out of 10 in our technical rating. 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 term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that GE is one of the better performing stocks in the market, outperforming 93% of all stocks. On top of that, GE also shows a nice and consistent pattern of rising prices.
• GE is one of the better performing stocks in the Industrial Conglomerates industry, it outperforms 100% of 10 stocks in the same industry.
• GE is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so GE is lagging the market slightly.
• In the last month GE has a been trading in the 155.45 - 167.50 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

For an up to date full technical analysis you can check the technical report of GE

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:GE has a 9 as its setup rating:

Besides having an excellent technical rating, GE also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 165.00. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 162.42, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:GE

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:GE and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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

Keep in mind

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.