Good technical signals and a possible breakout for GENERAL ELECTRIC.

Our stock screener has identified GENERAL ELECTRIC (NYSE:GE) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:GE.

What is the technical picture of NYSE:GE telling us.

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.

Overall GE gets a technical rating of 7 out of 10. GE was one of the better performers in the overall market, it is still ok in the medium term time frame, but very the very recent evolution is negative.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the yearly performance of all stocks, we notice that GE is one of the better performing stocks in the market, outperforming 87% 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 Aerospace & Defense industry, it outperforms 70% of 65 stocks in the same industry.
• GE is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so GE is performing more or less in line with the market.
• In the last month GE has a been trading in the 159.60 - 173.70 range, which is quite wide. It is currently trading near the high of this range.

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

How do we evaluate the setup for NYSE:GE?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:GE scores a 9 out of 10:

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 174.23. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 171.43, 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.

Trading breakout setups.

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

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

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.