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.
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