Bears still in charge:
- Last week, price found a new low on the year just below 28.50, but also found buyers there.
- The buying pushed GE shares up to about 29.50 before it found resistance.
- Here around 29.50 was the falling channel resistance as well as a previous support pivot area.
- Also, the RSI is near 60 and if the prevailing bearish momentum is to continue, it should hold under 60.
- Therefore, with the technical picture still bearish, we should look at last week's bullish push as merely an ABC-correction pattern.
- Now, if price can clear 29.50, and push the 4H RSI above 60 this week, then we can start considering a bullish reversal scenario.
- For now, the bearish outlook is dominant and the 28.00 handle is still in sight.