GE Stocks Are Looking Down
General Electric (GE) stocks are forming a symmetrical triangle pattern since mid-April. The pattern should be completed by the end of July, signaling a possible trade opportunity. Such pattern do not indicate a specific direction where the price might go. But, considering a 19% downside gap in April due to a restructuring of the company a consolidation within the triangle may signal a further downside. Wall Street estimate GE target price at $135-140 per share, which is 19.0% down from current prices. This may also indicate a fare prices for GE.
Nevertheless, I will not rush and I’ll better wait for a safe entry point to emerge. So, the price should first exit the triangle. If this exit would be to the downside, I will wait for a retest of the support and open a short trade at this point targeting $135-140. A stop-loss could be placed above $182.
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