Noticed a Inverse Head and Shoulders pattern looking formation here.
The 50 and 200 MAs also looking to converge around the neckline on 4-hr chart.
The neckline at $15 seems to be important, it has held support after a sharp bounce from the lows in the '08-'09 crisis.
If it can't hold above the neckline, some serious selling could occur unless fundamentals change.
Don't have much fundamental basis for a bull view, though. We'll have to wait and see the next ER!
The 50 and 200 MAs also looking to converge around the neckline on 4-hr chart.
The neckline at $15 seems to be important, it has held support after a sharp bounce from the lows in the '08-'09 crisis.
If it can't hold above the neckline, some serious selling could occur unless fundamentals change.
Don't have much fundamental basis for a bull view, though. We'll have to wait and see the next ER!
Comment:
Getting some consolidation here around the breakout point. Got a small position in call options. Waiting for a solid breakout confirmation to add more!
Comment:
Comment:
Pivotal moment! Will GE hold above $15 for the week? Will volume continue to increase?
Watching RSI now, it's overbought territory on the hourly timeframe and nearing overbought on 4-hr and daily times as well.
A pullback from the neckline before a breakout would be a healthy move I'd consider entering in on.