The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 5/17/2024 -
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General Electric (GE) Technical Analysis

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Summary:
Weekly :Broken trend resistance line
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SAR20 Day Moving Average has crossed above the 50 Day Moving AverageThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the General Electric (GE). During the week, the GE dropped -3.49 points, or -2.14%, and closed at 159.89 on Friday, May 17, 2024. Weekly volume was 14% above average.

Long-term trend: [See GE long-term trend chart]
A long-term uptrend had started on July 5, 2022 at 59.93 and reached 180.36 on March 27, 2024. GE gained -120.43 points, or -200.95%, in 90 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (131.65) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See GE medium-term trend chart]
A medium-term uptrend had started on January 3, 2023 at 65.21 and reached 180.36 on March 27, 2024. GE gained -115.15 points, or -176.58%, in 64 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 139.52 and resistance is at 193.57. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See GE weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since April 19, 2024. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.

Short-term trend: [See GE short-term trend chart]
A short-term downtrend had started on May 7, 2024 at 170.80 and reached 158.03 on May 14, 2024. GE lost 12.77 points, or 7.48%, in 7 days. The price is now at the 14.57% retracement level.

Daily Technical Indicators: [See GE daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 42.55
Williams' Percentage Range (W%R) 40.90
Lane's Stochastic (%D-Slow) 20.49
Greed/Fear Indicator (GFI) 40.72
Moving Average Converg./Diverg. (MACD) 1.39
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.25
Williams' Percentage Range (W%R) 32.70
Lane's Stochastic (%D-Slow) 57.47
Greed/Fear Indicator (GFI) 58.98
Moving Average Converg./Diverg. (MACD) 11.74
Trading Signals
Description Value Chart
Monthly Trendline Resistance 176.86
Parabolic System 170.21
Upper Bollinger Band 170.02
Monthly Trendline Support 166.46
20 Day Moving Average 162.44
Weekly Stochastic Crossing 162.44
50 Day Moving Average 162.02
Daily Stochastic Crossing 160.97
Price 159.89
Yearly Trendline Resistance 154.13
Lower Bollinger Band 153.53
Quarterly Trendline Support 139.52
Yearly Trendline Support 131.65
Sector and Industry
Description Name Rank
Sector Industrials 7
Industry Industrial Conglomerates 58
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 163.92
High Date 05/16/2024
Low 159.10
Low Date 05/17/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 170.80
High Date 05/07/2024
Low 158.03
Low Date 05/14/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 176.86
Support 166.46
Low 133.99
Low Date 04/02/2024
High 170.80
High Date 05/07/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 193.57
Support 139.52
Low 65.21
Low Date 01/03/2023
High 180.36
High Date 03/27/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 154.13
Support 131.65
Low 59.93
Low Date 07/05/2022
High 180.36
High Date 03/27/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.