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General Electric Co., Technical Analysis

2/17/2023 10:02 AM

Global correction in the papers of the American diversified corporation General Electric Co. strengthens, and the stock trades at 84.00.

On the daily chart, the price is holding within the channel with dynamic boundaries 95.00–71.00, and after closing the price gap, it is preparing to continue growing.

On the four-hour chart, it can be seen that the upward movement in the asset may intensify, as indicated by the possible formation of a Head and shoulders pattern with a Neckline at 84.00, which is now being tested by quotes. If this pattern is implemented, the probability of reaching the resistance line of the global channel around 93.00 will increase significantly.

Technical indicators keep a buy signal: fast EMAs on the Alligator indicator are above the signal line, expanding the range of fluctuations, and the AO histogram forms rising bars in the buying zone.

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