GE testing prior lows as GoNoGo Trend remains strongly "NoGo"
GE is testing the March lows on the Daily GoNoGo chart. There hasn’t been much to be bullish about though for General Electric as the GoNoGo Trend indicator is consistently painting bearish purple and pink bars. While there may be some support at these levels the prevailing trend is down.
In fact, we recently saw a red re-entry circle which signaled a renewed push down to these lows.
As you’d expect, the GoNoGo Oscillator has been negative during this entire move and has found resistance at the zero line. We’d need to see enough bullish momentum to push the GoNoGo Oscillator above zero before there would be any confidence that this downtrend is over.
In fact, we recently saw a red re-entry circle which signaled a renewed push down to these lows.
As you’d expect, the GoNoGo Oscillator has been negative during this entire move and has found resistance at the zero line. We’d need to see enough bullish momentum to push the GoNoGo Oscillator above zero before there would be any confidence that this downtrend is over.
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