GE: Some patterns you should be aware of!
Hello traders and investors! Let’s talk about GE again!
As we discussed in our last study, GE reacted quickly and denied the bearish pattern seen in the hourly chart of an Island Reversal, and it filled its gap. As usual, we have some congestion now, but only after it stressed the 21 ema in the daily chart. Also, if you missed my previous analysis on GE, the link to it is below this post, as usual.
Now, in the daily chart, we have an idea of a H&S chart pattern, but it wasn’t triggered yet. In fact, if GE denies this pattern and defeats the last “shoulder” by trading above its high, probably we’ll see a continuation of the bullish momentum.
Today, we had a classic Bullish Engulfing candlestick pattern, which has a good chance of working as a reversal in the next few days.
Now, to the weekly chart:
It is natural to see some exhaustion signs, after all, GE just hit an important resistance level at the green line (the high before the Covid’s crash), and it is far from the 21 ema.
We had a Bearish Engulfing 2 weeks ago, which wasn’t triggered as well, so, GE is just moving sideways, and this is a nice sign, as crazy as this sounds. When a stock goes up too fast, it must rest a little bit, but when the stock rests while moving sideways, it means the buy force is still present, then we have a sideways correction – or as I like to call, Time Correction.
So, let’s not be frustrated or surprised if GE keeps trading sideways until the 21 ema hits the price. Meanwhile, let’s keep studying it, and if you liked this analysis, remember to follow me to keep in touch with my daily studies, and support this idea with your like if you’ve read this far!
Thank you!
As we discussed in our last study, GE reacted quickly and denied the bearish pattern seen in the hourly chart of an Island Reversal, and it filled its gap. As usual, we have some congestion now, but only after it stressed the 21 ema in the daily chart. Also, if you missed my previous analysis on GE, the link to it is below this post, as usual.
Now, in the daily chart, we have an idea of a H&S chart pattern, but it wasn’t triggered yet. In fact, if GE denies this pattern and defeats the last “shoulder” by trading above its high, probably we’ll see a continuation of the bullish momentum.
Today, we had a classic Bullish Engulfing candlestick pattern, which has a good chance of working as a reversal in the next few days.
Now, to the weekly chart:
It is natural to see some exhaustion signs, after all, GE just hit an important resistance level at the green line (the high before the Covid’s crash), and it is far from the 21 ema.
We had a Bearish Engulfing 2 weeks ago, which wasn’t triggered as well, so, GE is just moving sideways, and this is a nice sign, as crazy as this sounds. When a stock goes up too fast, it must rest a little bit, but when the stock rests while moving sideways, it means the buy force is still present, then we have a sideways correction – or as I like to call, Time Correction.
So, let’s not be frustrated or surprised if GE keeps trading sideways until the 21 ema hits the price. Meanwhile, let’s keep studying it, and if you liked this analysis, remember to follow me to keep in touch with my daily studies, and support this idea with your like if you’ve read this far!
Thank you!
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