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General Electric (GE) down trend has been confirmed after failing to break 200D MA Resistance for the 2nd time! The stock is on track to the price target of $13 after breaking out from the wedge pattern. Follow up from previous post.
GE seems that has failed to break the 200D MA resistance. This 200D MA resistance is also a 23.6% Fibonacci Retracement Level. The chart pattern also suggested GE has broken down from a wedge pattern with a target price of $13. This is a good candidate to short by buying PUT option.
GE seems to have started the Wave 5. The stock would probably move up to $19.63 (161.8% Fibonacci Retracement Leve). Price between $15 to $16 is a good entry level because $14.68 should be a very strong support for a higher high, higher low type of up trend Elliot Wave.
