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 !