Is General Electric Breaking Out?
Published on Monday, 30 July 2012 06:04 Written by TradersHuddle Wire
New York, July 30th (TradersHuddle.com) - Shares of General Electric Co. (NYSE:GE) closed the session at $20.92 just above calculated resistance at $20.37. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $19.36 and resistance at $20.37. Given that this range was broken, traders will be closely monitoring General Electric's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that General Electric is still near the broken resistance level, traders will be focusing on the $20.37 level to see if the stock holds the breakout without rolling over.
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