General Electric: new bearish technical picture drawn on daily chart

On the 08/01/2016 General Electric close was at 28.45 (-1.79%). The main trend is down on the daily chart, the bears are in control.

On the 08/01/2016 General Electric close was at 28.45 (-1.79%). Marked a series of 3 consecutive higher lows. New bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close). The main trend is down on the daily chart, the bears are in control. The negative value of many leading oscillators indicates infact a downward trend. Marked a third consecutive negative trading session. We suggest to monitore today closing.

GENERAL ELECTRIC CO.

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 30.46). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 08/01/2016.

Performance: 7 trading days= -8.37% – 15 trading days= -6.87% – 30 trading days= -5.59%

Resistance levels: R1= 29.05 – R2= 29.66 – R3= 30.62
Pivot Point: 28.70
Support levels: S1= 28.09 – S2= 27.74 – S3= 26.78


DAILY TRADING SIGNALS

Buying opportunity above 28.62, targets minor resistance at 28.98 and perhaps as far as strong resistance at 29.22, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 29.82.

Selling opportunity below 28.38, targets minor support at 28.03 and perhaps as far as strong support at 27.78, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 27.17.