General Electric Is Near Resistance
Published on Tuesday, 03 July 2012 06:24 Written by TradersHuddle Wire
New York, July 3rd (TradersHuddle.com) - Shares of General Electric Co. (NYSE:GE) are trading very close to calculated resistance at $20.84. The stock ended the trading session at just $20.49, which is near levels that make it difficult to buy or start a position.
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's stock range is defined by its calculated support defined at $18.02 and by the resistance level at $20.84; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for General Electric. However, as the stock pulls back towards $18.02 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $20.84 then traders will get an opportunity to enter the stock as it moves to a higher range.
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