GE closes higher for the 2nd day in a row
General Electric Company (GE) Technical Analysis Report for Mar 14, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, GE ended Thursday at 10.30 gaining $0.28 (2.79%), strongly outperforming the S&P 500 (-0.09%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (GE as at Mar 14, 2019):
Thursday's trading range has been $0.30 (2.91%), that's slightly below the last trading month's daily average range of $0.41. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GE.
Four candlestick patterns are matching today's price action, the Bearish Doji Star, the Bearish Hikkake Pattern and the Northern Doji which are known as bearish patterns and one neutral pattern, the Doji.
Unable to break through the key technical resistance level at 10.49 (R1), General Electric closed below it after spiking up to 10.50 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on March 8th, GE actually gained 3.34% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Doji Star" stand out. Its common bearish interpretation has been confirmed for General Electric. Out of 10 times, GE closed lower 60.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 70.00% with an average market move of -2.82%.