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Possible Bearish Inside Day Candle Pattern Detected for General Electric (NYSE:GE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in General Electric (NYSE:GE) based on the price action in the company's shares. Today's price range of $24.82 and $25.06 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of General Electric may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, General Electric has traded in a range of $24.15 to $33.00 and is now at $24.88, 3% above that low. The 200-day and 50-day moving averages have moved 0.23% higher and 0.32% higher over the past week, respectively.

General Electric has overhead space with shares priced $24.88, or 18.2% below the average consensus analyst price target of $30.43. General Electric shares should first meet resistance at the 200-day moving average (MA) of $28.65 and find additional resistance at the 50-day MA of $30.69.

General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products.

SmarTrend recommended that its subscribers protect gains by selling shares of General Electric on July 6th, 2017 by issuing a Downtrend alert when the shares were trading at $26.58. Since that call, shares of General Electric have fallen 5.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle General Electric

Ticker(s): GE