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

By David Diaz

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 $11.14 and $11.27 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.

In the past 52 weeks, shares of General Electric have traded between a low of $6.40 and a high of $11.31 and are now at $11.21, which is 75% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 2.8%.

General Electric has overhead space with shares priced $11.21, or 30.4% below the average consensus analyst price target of $16.10. The stock should find initial support at its 200-day moving average (MA) of $9.64 and further support at its 50-day MA of $9.15.

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 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