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GE Might Find Some Support Around 24.80-25

Last time we looked at GE, we noted that it showed signs of bearish continuation. Indeed, price fell further after the bearish engulfing candle we observed.

GE Daily Chart

(click to enlarge)

Bearish Continuation:
- The daily chart shows that after the bearish engulfer, price gapped lower. 
- Then on a rebound, price came back to the previous July low/support pivot, which turned into a resistance pivot. This is more evidence that bears are in charge.
24.80-25.00:
- At the moment, there are no signs GE will rebound or continue lower. The only thing we can say is that it has been going down, so there's some bearish bias. 
- Still, GE is not in a long-term bearish trend. The 2016 and 2017 dips can be seen as a period of correction. If so, we should pay attentions to support levels.
- 24.80-25 area represents a support/resistance pivot. 
- There is also the fact that the weekly RSI could be developing a 3-pt bullish divergence, or at least it will be around the oversold levels.


GE Weekly Chart

(click to enlarge)