A 52 Week High for General Electric, will it Hold?
Published on Monday, 06 August 2012 11:34 Written by TradersHuddle Wire
New York, August 6th (TradersHuddle.com) - Shares of General Electric Co. (NYSE:GE) booked a new 52 week high today by trading above $21, traders are definitely monitoring General Electric's price action to see if this move attracts further buying into the stock.
General Electric Company (NYSE:GE) is a diversified technology, media, and financial services company. The diversified corporation offers products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content, and industrial products. General Electric conducts operations globally, and its consider a bellwether of the U.S. economy, as it participates in so many segments of the economy. GE was founded in 1892 and is based in Fairfield, Connecticut.
General Electric is currently trading 0.62% versus its previous trading session close, and it has calculated support and resistance at $19.36 and $21.00 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.
The overall market index S&P 500 is trading higher by 0.52% from its previous trading close, which means that General Electric stock is outperforming the overall market.
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