Monday, 12 June 2017

GE - boosted by the CEO exiting

Whilst the main market closed moderately mixed, there was very significant strength in General Electric (GE) which settled +3.6% at $28.94. Critical support at the $27.00 threshold recently held, and with a change of leadership, GE is accelerating back toward the $30s.

GE, daily

GE, monthly


I have been highlighting lately - both publicly and privately, that GE is 'one of those stocks that the equity bulls MUST see resume back upward to have confidence in the broader bullish outlook'.

A fair few others out there (such as Josh Brown, regular on CNBC) also recognised how the low $27s needed to hold.

GE saw a low on May 18th of $27.10, with a key marginally higher low of $27.16 on May 30th.

Mid term target: by year end, $31/32, with 33/34 best case.

By late spring/early summer 2018, the $37s will top of the channel.

GE remains HUGELY important to the broader bullish case, and whether you trade it or not, its an important one to watch.