GENERAL ELECTRIC CO (NYSE:GE) Reveals Intriguing Technical Aspects. Here's What You Need to Know.

We've identified GENERAL ELECTRIC CO (NYSE:GE) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:GE for further developments.

In-Depth Technical Analysis of NYSE:GE

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, GE scores 7 out of 10 in our technical rating. In the last year, GE was one of the better performers, but we do observe some doubts in the very recent evolution.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, GE did better than 93% 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 one of the better performing stocks in the Aerospace & Defense industry, it outperforms 83% of 66 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 156.05 - 165.99 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.

Our latest full technical report of GE contains the most current technical analsysis.

Why is NYSE:GE a setup?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:GE this score is currently 9:

GE has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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 161.77, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

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.

Our Breakout screener lists more breakout setups and is updated daily.

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.