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9/01/99 General Electric (GE)
Points to watch: GE bears watching
over the next few days. The stock has fallen 4 straight days after
failing to set a new high, and closed yesterday at 112.31, just above
support at 111.75, the level that marked the May high on May 11th.
On a break below this support (and a move below the 21 day moving average
at 111), we would sell or short the stock, and we would look for the stock
to next find support near the August 10th low of 102.56.
A
breakdown below the August 10th lows would confirm the double top that is
forming on the stock's daily chart, a topping pattern that is given added
strength by the strong negative divergence with price that MACD, OBV, and
RSI all displayed during the second top in late August.
