GE Looking Higher
Mid-Day Minute for Mon November 16th 2009
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Off of Friday’s late-session sell-off to 15.56, General Electric (NYSE: GE) has pivoted to the upside with power and has the right look of a price structure that has entered a new upleg. Let’s notice that GE is approaching a very important resistance area at 16.00/05, which represents the prior rally peak (Nov 10) and the Sep-Nov down trendline. If GE can hurdle and sustain above 16.00/05, the positive 16-17 week cycle (which bottomed on Oct 30 at 14.15) as well as a bullish upleg structure amidst positive momentum should propel the stock to 16.70/90 next.
