GE - A rebound for a crumbling company
Not financial advice. Do your own research. The ideas shared are the personal opinions of the BitDoctor team.
Oh GE, what are you going to do in 2019? 2018 was probably your worst performing year but while the stock market is crumbling, you seem to be bouncing pretty hard here. Don't get caught with all the green candles and percentage gains. Bear markets are still bear markets. There's heavy resistance coming right up!
Short term I see $8.75 as a key resistance point. Next, I will be looking at $10 as some key resistance.
If GE is able to push through $10, then I can see $13 and $15 in the future for GE. That is probably more long term, and assuming GE can hold the levels mentioned above, including the not-mentioned $8 barrier that was crossed today.
Disclaimer: I currently hold a position in GE but have no plans to make any changes to my position in the next 48 hours.
Oh GE, what are you going to do in 2019? 2018 was probably your worst performing year but while the stock market is crumbling, you seem to be bouncing pretty hard here. Don't get caught with all the green candles and percentage gains. Bear markets are still bear markets. There's heavy resistance coming right up!
Short term I see $8.75 as a key resistance point. Next, I will be looking at $10 as some key resistance.
If GE is able to push through $10, then I can see $13 and $15 in the future for GE. That is probably more long term, and assuming GE can hold the levels mentioned above, including the not-mentioned $8 barrier that was crossed today.
Disclaimer: I currently hold a position in GE but have no plans to make any changes to my position in the next 48 hours.
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Some bearish divergence showing signs in the shorter 1 hour timeframe and with tomorrow being Friday, I am sure there are going to be some selling rallies (See my related S&P analysis). I know I mentioned previously that I wouldn't be making any changes to my positions, but plans do change and I took profit on 25% of my position. I am going to rebuy lower with the majority right at $8 and more at $7.50It's risky swinging this after the decent rally it had today, but that's also why I kept 75% of my holding and I'll continue trying to accumulate and lower my average cost even more.
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The $8 order filled this morning. I'm not sure if the $7.50 will fill in the short term so I will probably cancel that order because the formation that I see right now is somewhat bearish and could start the correction soon. It's still too early to tell but based on the chart I posted yesterday, that retrace is more than likely coming sooner than later. We're out of steam even though the push to 8.25ish this morning was quite nice.Not selling anything and I'll remove the $7.50 buy and wait things out to see how this comes together.
Note
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Tradingview doesn't have post-market data but GE spiked to $8.65 and is sitting around $8.50 as of this writing. I had used $8.75 as a key resistance point and we're approaching it. I am not quite sure if I am ready to sell with the momentum pushing this hard, especially after hours. Tomorrow should see some volatility but as long as $8 holds, I will continue to hold my position. Even buying in when I originally shared this idea at $8.09 would have a good amount of return so far. I was lucky to pick this up pretty cheap.
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Looks like the spike is taking us up to our first resistance. I am not planning on selling just yet. The DJI bounce probably has a few more days left and the big losers are going to likely be the companies that have had big runs in 2018, and not struggling companies like GE that are genuinely trying to turn things around.The market is choppy right now and if we do happen to fall down closer to about $8.25 I might consider a sell but right now this is going to likely have a healthy retracement. If GE can turn things around and start selling some of its unprofitable ventures, investors will see that as a good thing.
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Markets are once again opening green. There will be a point soon where DJI starts another nose-dive but I'll take the profitable trades as they come. For now, Pre-Market activity puts GE ramming $9 so I expect to break $9 today. We'll see if it's short lived or if it's able to sustain consolidation above $9 before I make any moves. My true target for this is slightly above $10 and as always I will evaluate price action at that level but that's our largest overhead resistance in the short term. Obviously a lot of barriers to break after that as well.
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GE got the rejection at $9. It did break it for a moment and that was followed with a massive sell-off. Looks like we bottomed out around 8.18ish. I didn't really expect that kind of selling action but it was short lived and as of right now we're sitting right around $8.75. We hit resistance and that was expected. If we get rejected at $9 again, I will evaluate my position but I have not sold any of my holdings. I am still waiting for the $10 prize. We're looking overbought right now but I think there could be steam to get up to the second resistance level. Automatic software selling will kick in when we get to that zone. I'll probably liquidate another 40% of my holdings at that area and look to accumulate on a retrace. Once that happens, I will close this idea officially and start a new one that will track the retrace.Trade active
Price has improved a bit today compared to where we closed out yesterday. The day ended pretty bad but we've recovered fully and are back to where we were the last time I posted an update. I've updated the chart a little bit but really nothing much has changed. GE has outperformed many different stocks in the recent weeks so it's expected that there will be some profit taking and pull backs. If we get rejected at $9 again, I will liquidate some of my position as I've mentioned previously. Trade active
Momentum throughout the day has slowed quite a bit and I am seeing some divergence starting to form. I will be liquidating 50% of my shares as close to $9 as I possibly can. I do sort of expect tomorrow to be a bit of a red day for the NYSE anyway.Trade active
Sorry for the lack of updates on GE. Honestly, there's just nothing here to talk about. I closed half of my position just shy of $9 as I said I would and am just waiting to see what happens next. We're bouncing at this resistance zone and as they say, resistance flips and turns into support until it's broken. We're constantly testing this S/R zone and until it breaks either way, I'm going to let that 50% just sit on the sidelines and probably be put to work somewhere else. Trade active
Well, it sure does look like GE has broken the resistance but I will wait until we close the candle over $9 to get bullish again. I bought back in at $8.75 after I saw the flat top wedge forming. I was able to accumulate more GE stock in that move. I also took some of the profits and have gone into other positions with it.All in all, GE looks like if it can maintain this momentum, it'll be heading back to $10. All of this depends on what happens to the stock market as a whole, but the fundamentals are there for GE to outperform the market in the short term.
CE - BitDoctor
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CE - BitDoctor
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.