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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 $13.34 and $13.55 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 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.

In the past 52 weeks, General Electric share prices have been bracketed by a low of $12.61 and a high of $25.89 and are now at $13.45, 7% above that low price. The 200-day and 50-day moving averages have moved 0.93% lower and 0.75% lower over the past week, respectively.

Potential upside of 19.7% exists for General Electric, based on a current level of $13.45 and analysts' average consensus price target of $16.10. The stock should find initial resistance at its 50-day moving average (MA) of $13.71 and further resistance at its 200-day MA of $15.79.

SmarTrend is tracking the current trend status for General Electric and will alert subscribers who have GE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle General Electric

Ticker(s): GE