GE: Strength Ahead of Earnings Report
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I'm showing the Weekly Chart first so you can see the support zone below and the strong resistance above, where the stock may head sideways for a time.
Around $67 is the high of a completed short-term bottom that provides strong support for the current price action.
The stock entered the strong resistance level of the Trading Range highs of 2021 - 2022 with what I call a "pre-earnings" run.
On the daily chart:
GE had a strong momentum run ahead of its earnings report. This was a pre-earnings run, which tend to develop 2-4 weeks ahead of the earnings release. The company is reporting Tuesday this week.
The strong reversal candle on Friday after 2 down days is also an indication that the report will be good.
I'm showing the Weekly Chart first so you can see the support zone below and the strong resistance above, where the stock may head sideways for a time.
Around $67 is the high of a completed short-term bottom that provides strong support for the current price action.
The stock entered the strong resistance level of the Trading Range highs of 2021 - 2022 with what I call a "pre-earnings" run.
On the daily chart:
GE had a strong momentum run ahead of its earnings report. This was a pre-earnings run, which tend to develop 2-4 weeks ahead of the earnings release. The company is reporting Tuesday this week.
The strong reversal candle on Friday after 2 down days is also an indication that the report will be good.
Martha Stokes, CMT
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Learn how to use the technical patterns of each market participant for better trade planning.
ttrader.im/tv-candlesticks
Learn how to use the technical patterns of each market participant for better trade planning.
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