GE finds buyers at key support level
General Electric Company (GE) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, GE ended the week -2.82% lower at 12.77 after losing $0.17 (-1.31%) today. Today's closing price of 12.77 marks the lowest close since June 25th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 12.91, the share confirms its breakout through the prior session's low having traded $0.20 below it intraday.
Daily Candlestick Chart (GE as at Aug 10, 2018):
Friday's trading range was $0.20 (1.55%), that's slightly below last trading month's daily average range of $0.24. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After trading as low as 12.71 during the day, the market bounced off the key support level at 12.74. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 12.61, downside momentum might accelerate should the stock break out to new lows for the year.