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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. Yesterday's price range of $8.92 and $8.94 is within the prior day'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.

In the past 52 weeks, shares of General Electric have traded between a low of $6.40 and a high of $12.32 and closed yesterday at $8.94, which is 40% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.7% while the 200-day MA has risen 0.3%.

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. The stock should find resistance at its 200-day moving average (MA) of $9.53, as well as support at its 50-day MA of $8.78.

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 am inside day candle General Electric

Ticker(s): GE