Stock of the day: General Electric
17 September 2024
On the 4th of September, we analyzed General Electric, which was trading within a symmetric triangle pattern marked with black lines. At that time, the price was bouncing off the upper boundary of the triangle, creating a short-term sell sentiment. As expected, for the following two days, the price moved lower, nearly reaching the lower line of the triangle. However, the price reversed just before hitting this support and began climbing higher.
Last week, a significant development occurred when the price broke through the upper line of the triangle, delivering a long-term buy signal. This breakout, marked in orange, appears solid and legitimate, confirming the bullish sentiment. The breakout from the symmetric triangle gives traders a clear and reliable signal to go long on General Electric.