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

By James Quinn

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 $11.24 and $11.50 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.

General Electric has overhead space with shares priced $11.35, or 29.5% below the average consensus analyst price target of $16.10. The stock should discover initial support at its 200-day moving average (MA) of $9.66 and subsequent support at its 50-day MA of $9.28.

General Electric share prices have moved between a 52-week high of $11.55 and a 52-week low of $6.40 and closed yesterday at 77% above that low price at $11.35 per share. The 200-day and 50-day moving averages have moved 0.43% higher and 2.17% higher 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.

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