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GE - Bearish Engulfer Confirms Bearish Mode

General Electric (GE) has been bearish in 2017 after generally sideways price action 2016. A break below the 2016 low (27.10) in July opened up further bearish outlook for GE, putting the 24.00 handle in sight

GE Weekly Chart

(click to enlarge)

Downside:
- The weekly chart shows a rising trendline support.
- If price keeps sliding, GE will meet this support around 24, which also represents a support/resistance pivot.

Bearish Engulfer:
- On the daily chart below, we can see that for the last couple of weeks, price has bounced up from just under 26.
- Price tested the 27-27.10 area, which was the previous support and 2016 low.
- Then the market faded GE during the 7/20 session, and the candle that represents this session engulfed the entire week's bullish candles. 
- This suggests that bears are still in charge. It also turned the previous support into resistance, another bearish sign.

GE Daily Chart


(click to enlarge)