GE closes higher for the 2nd day in a row
General Electric Company (GE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, GE ended the month 3.96% higher at 6.83 after edging higher $0.03 (0.44%) today on low volume, significantly underperforming the S&P 500 (1.54%). Closing above Monday's high at 6.80, the stock confirmed its breakout through the prior session high after trading up to $0.07 above it intraday.
Daily Candlestick Chart (GE as at Jun 30, 2020):
Tuesday's trading range has been $0.21 (3.13%), that's far below the last trading month's daily average range of $0.37. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GE. Prices continued to consolidate within a tight trading range between 6.42 and 6.90 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on December 26, 2019, GE actually lost -0.45% on the following trading day.
Prices are trading close to the key technical resistance level at 7.02 (R1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for General Electric. Out of 67 times, GE closed higher 55.22% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.22% with an average market move of 0.73%.