SIACharts Logo

Commentary >

General Electric Co. - (GE) - January 6, 2023

General Electric (GE) has been climbing back up the rankings in the SIA S&P 100 Index Report since August. In October it broke out of a downtrend and this week it returned to the Green Favored Zone for the first time since April of 2021. Yesterday, GE finished in 18th position, up 6 spots on the day and up 13 places in the last month. A major breakout is underway in General Electric (GE) shares this week. Over the course of September and October, a downtrend in GE shares bottomed out, first in a successful retest of support near $47.50, followed by a breakout over $60.00 that snapped the shares out of a downtrend.

With support moving up toward $60.00 then the 50-day average just below $65.00, a new uptrend appears to have started. This week, the shares have broken through the $70.00 barrier to confirm that accumulation continues. Next potential resistance appears near the $75.00 round number, then a measured $77.50, then $80.00 and $90.00 based on previous highs.

A year-long downtrend in General Electric (GE) shares bottomed out last July. After three months of heavy fighting between bulls and bears, a new uptrend asserted itself with a bullish Spread Triple Top breakout. Since then, a new uptrend has started, confirmed by the snapping of a downtrend line and GE kicking off 2023 with a bullish Double Top breakout.

Previous column highs and lows suggest potential resistance near $75.80 and $83.65, followed by $87.05 which is based on a horizontal count. Initial support appears near $64.65 based on a 3-box reversal.

With its bullish SMAX score increasing to a perfect 10, GE is exhibiting strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.