GE finds buyers at key support level
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for General Electric
|High close to previous High||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro