Broke below ascending channel - 24$ will be tested next
Analyzing $GE's weekly chart shows us several important things:
1. The price broke below a major weekly ascending channel (thick green dashed lines)
2. It did that following a double top on the 61.8 Fib level
3. The secondary trading channel (thin green lines) was recently broken two
4. The price (right now) is below the weekly 50 SMA line and below the Fast SMA line.
All of the above doesn't give $GE much chance to climb higher from current price level.
24$ is a major weekly support zone that comes with the support of the 200 SMA line. This will be the critical zone that bulls and bears will battle over longer term direction.
It could act as support to push $GE for another run higher to test the top of the weekly trading range (near 27$) and the bottom of the weekly channel (bullish scenario)
And.. in case that it'll break out, it could be the trigger for a longer term bullish wave.
Either way I'm bearish.. it just depends on where the better sell zone will be.
If you like this content, please follow and if you want more analyses, visit my site and subscribe to the Weekly Newsletter - The Weekly Markets Analysis goo.gl/HXjCPV
1. The price broke below a major weekly ascending channel (thick green dashed lines)
2. It did that following a double top on the 61.8 Fib level
3. The secondary trading channel (thin green lines) was recently broken two
4. The price (right now) is below the weekly 50 SMA line and below the Fast SMA line.
All of the above doesn't give $GE much chance to climb higher from current price level.
24$ is a major weekly support zone that comes with the support of the 200 SMA line. This will be the critical zone that bulls and bears will battle over longer term direction.
It could act as support to push $GE for another run higher to test the top of the weekly trading range (near 27$) and the bottom of the weekly channel (bullish scenario)
And.. in case that it'll break out, it could be the trigger for a longer term bullish wave.
Either way I'm bearish.. it just depends on where the better sell zone will be.
If you like this content, please follow and if you want more analyses, visit my site and subscribe to the Weekly Newsletter - The Weekly Markets Analysis goo.gl/HXjCPV