Pip.Gawd

Bullish Breakout of GE pending

Long
NYSE:GE   GENERAL ELECTRIC CO
NYSE:GE

GE stock is seeming to have found some support since falling sharply to the $17.50 area.

An ascending triangle pattern is starting to emerge on the charts now. This pattern implies that we will see a breakout to the upside, with little downside risk.

There was a false breakout this morning, as the stock traded up to the 18.60 area before auctioning back down around 18.30. The stock price action is still respecting the upward trend line that has formed.

I am now looking for a measured move back to the $20 area to occur very soon. Use volume for confirmation of the breakout.

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