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Technical Analysis – General Electric stock shows recovery after a gap down
April 9, 2019 12:26 pmVideo
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General Electric stock opened with a gap down and within the oversold zone on Tuesday according to the RSI in the four-hour chart but the 200-period simple moving average (SMA) capped bearish action immediately. While the rebound in the RSI subdues chances for another negative turn, it is worth noting that the low on March 6 (9.02)has violated the previous trough of 9.51 and therefore the December uptrend. In coming sessions traders would be interested to see whether the breach is valid.
On the upside, resistance could emerge around 9.80, identified by the lows posted during the March 25-28 trading. Higher the area near 10.25 where the market peaked several times in previous months, could also restrict upside movements. Yet only a strong rally above 10.88 would ease worries over a down-trending market.
On the flip side, more sellers could enter the market if the price creates a new lower low below 9.02, while a close under 8.63 would be a confirming sign that the uptrend has potentially come to an end and a downtrend is in progress.
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