HERE WE HAVE THE DAILY AND WEEKLY CHART FOR GE. WE ARE "BELOW" THE WEEKLY 50 SMA AND HAVE DECREASING MOMENTUM ON THE WEEKLY MACD. WE HAVE A FALSE BREAKOUT TO THE UPSIDE ON THE DAILY CONSOLIDATION BOX AND NOW BREAKING DOWN FROM THE BOX. SOMETIMES A FALSE BREAKOUT TO THE UPSIDE WILL CREATE A STRONG MOVE IN THE OPPOSITE DIRECTION. I DID SEE THE REVERSE HEAD AND SHOULDERS PATTERN ON THE DAILY CHART BUT SEEMS TO BE A FAILED PATTERN NOW. WE HAVE HIT A .618 FIB LEVEL SO LETS SEE WHAT KIND OF BOUNCE WE GET FROM IT. IN A PERFECT WORLD I WOULD LIKE TO SEE WEEKLY MACD IN THE DIRECTION OF THE TRADE AND TO BE ABOVE THE WEEKLY 50 SMA. WHICH IS WHY I AM STAYING OUT FOR NOW AND TAGGING THIS AS NEUTRAL :)
ANY THOUGHTS?
ANY THOUGHTS?
