markbrsz
Short

$GE Potential Short Setup

NYSE:GE   GENERAL ELECTRIC CO
General Electric macro overview is bearish and is forming a rising wedge pattern from the 2009 lows and finding resistance at the 61.8% retracement level around the $28.30's. A similar rising wedge pattern occurred after the relief rally off the lows in 2002             , which retraced exactly 50% from the 2000 high in the low $42's and broke back down to flush prices into the $5.70's. Watching for 61.8 level to hold as resistance and for price to break and retest the $24 level (50% retrace) to take this short. For now we wait patiently and let price dictate !
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