Pages

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.



No comments:

Post a Comment