Current trend

Shares of General Electric Co., an American diversified corporation, have been growing for the third consecutive week: during this time, the price reversed from the level of 162.50 (Murrey level [2/8]) moved into the positive part of the main Murrey trading range and is currently trying to consolidate above the upper reversal level of 187.50 (Murrey level [6/8]). If successful, the growth of the trading instrument will be able to continue to the upper limit of the range of 200.00 (Murrey level [8/8]) and further into the reversal zone, to the level of 206.25 (Murrey level [ 1/8]). The key mark for the "bears" is 175.00 (Murrey level [4/8]), supported by the central line of Bollinger Bands, the breakdown of which will strengthen the downward dynamics to the levels of 162.50 (Murrey level [2/8]) and 150.00 (Murrey level [0/8]), but this scenario is still seen as less likely.

Technical indicators confirm the continuation of the uptrend: Bollinger Bands are reversing upwards, MACD is increasing in the positive zone, and Stochastic is horizontal in the overbought zone.

Support and resistance

Resistance levels: 200.00, 206.25.

Support levels: 175.00, 162.50, 150.00.

Trading tips

Long positions can be opened from the 190.75 mark with targets of 200.00, 206.25 and a stop-loss around 185.00. Implementation period: 5–7 days.

Short positions should be opened below the level of 175.00 with targets of 162.50, 150.00 and a stop-loss around 180.00.