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

By David Diaz

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. Yesterday's price range of $8.72 and $8.84 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. 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.

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 84.4% for shares of General Electric based on a current price of $8.73 and an average consensus analyst price target of $16.10. The stock should hit resistance at its 200-day moving average (MA) of $11.79, as well as support at its 50-day MA of $7.91.

In the past 52 weeks, General Electric share prices have been bracketed by a low of $6.66 and a high of $17.36 and closed yesterday at $8.73, 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.3%.

SmarTrend recommended that subscribers consider buying shares of General Electric on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.12. Since that recommendation, shares of General Electric have risen 6.7%. We continue to monitor GE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle General Electric

Ticker(s): GE