General Electric Co - (GE) - April 14, 2023
The last time we looked at General Electric (GE) was in the January 6th edition of the Daily Stock Report when the shares had just entered the Favored Zone a few days prior in the SIA S&P 100 Index report at a price $70.20. Today we see the shares have continued to remain in the Favored Zone with a closing price of $94.30 which now translates to a 34.3% price appreciation since the beginning of January. Currently the shares occupy the #2 spot in the S&P 100 Index, up 7 spots in the last quarter. This magnifies the importance of always looking for names in the Favored Zone for better risk/reward opportunities. In looking at the Candlestick chart, we see the shares formed a classic double bottom pattern in July and October of last year and since then the shares entered a renewed accumulation phase which has continued on up until today. After a brief and shallow pullback late in the year the shares have regained traction breaking above a significant resistance level at approximately the $90.00 area. The next area of resistance looks to be at the $100 psychological level. Support can be found at $90 which was the previous level of resistance.
In looking at the 2% Scale on the Point and Figure chart we
see the shares have been very strong since the beginning of the year with a
rising column of X’s totalling 23 X’s without even a 3 box reversal.
Support can be found at its 3 Box Reversal of $88.70 and, below that, $75.71. To the upside, resistance can be found at $99.89 and, above that, the $114.75 area. With an SMAX score of 10 out of 10, GE is exhibiting near term strength against all asset classes.
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