Bulls are unstoppable in GE Stock

General Electric stock price (NYSE: GE) is up by 72% on a YTD basis which shows that the stock is in a bullish run. GE stock performed well and generated more than expected returns for long-term investors.

General Electric stock is rising upward by forming higher high swings. The stock is trading inside the upward channel which showcases the dominance of bulls on higher levels.

GE stock price is also trading above the 50-day EMA and the 200-day EMA indicating that the trend is in an upward direction. However, the price has gone far away from the EMAs so a minor retracement is expected in the coming month.

In the mid of March, General Electric shares broke out of the $90.00 hurdle which triggered the positive sentiment.

Later, prices began to rise and rallied 28% (approx.) in a short span of time. In between, the quarterly earnings are reported which further fueled the rally in the GE stock.

General Electric’s stock price closed the previous session at $114.39 with an intraday decline of -0.89%. The market capitalization stands at $124.50 Billion.

General Electric stock: Short-term correction pending

General Electric stock (NYSE: GE) is in bulls’ grip but the prices have rallied a lot and look overstretched. GE stock price showed a steep rally without any consolidation indicating the strength of the bulls.

However, GE shares are trading near their 52-week high so profit booking might trigger any time. As per price analysis, short-term correction or consolidation is needed for further momentum. Else, fresh buyers will hesitate to build long positions on the higher highs.

If the correction triggers, the downside will be limited and the prices of GE stock are likely to bounce back from the support. The 50-day EMA will act as immediate support followed by the next which will be at $100.00.

GE Stock: Quarterly Earnings Update

GE stock hits a 52-week high at $117.96 after the release of quarterly earnings. General Electric Co. reported an EPS of 0.68 and revenue of $15.861 Billion. The company beats the EPS estimates by 46.97% and revenue estimates by 7.44%.

GE stock prices reacted positively to earnings and upward momentum continues. In the last few sessions, GE shares are facing resistance near $118.00 which might be an initial sign of profit booking.

Conclusion

General Electric stock (NYSE: GE) hits 52-week high after quarterly earnings. However, the prices look overstretched and the possibility of short-term correction is high.

The technical analysis suggests GE stock is in a bulls grip and any correction will be easily by the buyer’s near supports.

Technical levels

Resistance levels: $120.00 and $125.00
Support levels: $100.00 and $90.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing