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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in General Electric (NYSE:GE) based on the price action in the company's shares. Today's price range of $29.57 and $29.70 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. Traders and investors interested in shares of General Electric may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, General Electric share prices have been bracketed by a low of $19.37 and a high of $33.00 and are now at $29.62, 53% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.2%.

General Electric Company is a diversified technology, media and financial services company. The Company offers products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products. General Electric conducts operations globally.

General Electric (NYSE:GE) has potential upside of 13.5% based on a current price of $29.62 and analysts' consensus price target of $33.62. The stock should find resistance at its 50-day moving average (MA) of $30.69, as well as support at its 200-day MA of $28.65.

SmarTrend recommended that its subscribers protect gains by selling shares of General Electric on January 20th, 2017 by issuing a Downtrend alert when the shares were trading at $30.60. Since that call, shares of General Electric have fallen 3.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle General Electric

Ticker(s): GE