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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.
Can this breakout successful from a Falling Wedge? Target Price for successful breakout is $1.30. Things to watch out: 20D Crosses 50D MA to show the bullish strength. Return of the trading volume. The next higher high has to be more than $1.15 (61.8% Fibonacci Retracement Level) to show an uptrend. A higher low has [...]