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
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out