General Electric Co. GE stock price gained 72.28% on a YTD basis and bullish momentum is still intact. It rises upward by forming higher high swings which showcase the dominance of buyers.
General Electric stock price sustains above the 50-day and 200-day EMA showcases uptrend. Any short-term downfall is getting absorbed by the buyers near the 50-day EMA. It indicates bulls are active and continuing their dominance.
At the end of July, General Electric Co. released the previous quarter earnings. It beats the EPS as well as revenue estimates. Due to that GE stock reacted positively and surged 6.27%.
It hit a 52-week high at $117.96 and created hope for more upward momentum. However, after hitting the 52-week high GE’s stock price did not give the follow-up momentum and entered into consolidation.
Presently, General Electric stock prices are spending time in the narrow range consolidation. In 2023, it has rallied a lot so a short term profit booking might trigger to shake out the weak bulls.
General Electric stock price closed the previous session at $114.24 with an intraday decline of -0.19%. The market capitalization stands at $124.34 Billion.
Time for Short-Term Correction in GE Stock?
GE stock price has performed well in 2023 and generated more than expected returns for its long-term investors. Bulls look aggressive as compared to bears so the short-term correction is likely to get easily absorbed.
Till General Electric’s stock price is trading above $102 the trend is expected to remain upward. It seems like GE stock price has formed a strong base near $100.00 and downside risk is limited.
On the higher side, $118.00 is acting as a strong hurdle. So, until it breaks $118.00 the prices are expected to continue the consolidation.
General Electric Stock (NYSE: GE) is Highly Bullish
General Electric stock price (NYSE: GE) is highly bullish on daily, weekly, and monthly timeframes. It displayed a golden crossover in a weekly time which further boosted the confidence of the investors.
The MACD curve of GE stock price is sustaining above the zero line but it is sloping sideways. It indicates that the prices might continue the consolidation for some more time before deciding the further direction.
The RSI at 54 denotes neutral territory and a balance between bullish and bearish positions.
Conclusion
General Electric Co. GE stock price gained 72.28% on a YTD basis. It continues the bullish momentum and no signs of correction are visible.
The technical analysis suggests that General Electric stock price is in bulls’ grip and more upward momentum is possible.
Technical levels
- Resistance levels: $116.00 and $118.95
- Support levels: $102.00 and $95.00
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/05/general-electric-stock-will-the-momentum-continue-in-ge-stock/