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

By Shiri Gupta

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 $8.92 and $8.94 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.

General Electric share prices have moved between a 52-week high of $12.32 and a 52-week low of $6.40 and are now trading 40% above that low price at $8.94 per share. The 200-day and 50-day moving averages have moved 0.27% higher and 0.58% lower over the past week, respectively.

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.

There is potential upside of 80.1% for shares of General Electric based on a current price of $8.94 and an average consensus analyst price target of $16.10. General Electric shares should encounter resistance at the 200-day moving average (MA) of $9.53 and support at the 50-day MA of $8.79.

SmarTrend is monitoring the recent change of momentum in General Electric. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of General Electric in search of a potential trend change.

Keywords: bearish inside day candle General Electric

Ticker(s): GE