Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Tuesday, March 27, 2012

General Electric (GE) rising wedge. 2012.03.27

General Electric share prices are forming a rising wedge on the mid-term, between the T1 and T2 trend lines.

The main support stands in the $19.50 area and are representing the previous highs of July 2011 and of February 2012.

The bullish action can easily be sustained up to the $21.00 area, where the 2011 highs are plotted. However, the bearish divergence on the MACD indicator reflects the weakness of the trend and an eventual decline below the $19.50 support and below the T1 trend line will set the market for an intermediate correction that develop in a matter of months.

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