Oct 29, 2009 (AdviceTrade via COMTEX News Network) -- Recovery Bounce for GE
By Mike Paulenoff, www.MPTrader.com
an AdviceTrade.com publication
For anyone watching the travails of General Electric (NYSE: GE) lately, my near-term work argues that yesterday’s low at 14.35 ended the downleg from the 16.91 high from October 14. As of this moment, the lift in GE to 14.75/80 so far should be viewed as a recovery bounce within the confines of a 6-week correction that has an optimal target zone of 15.15/40 – at which point GE will be at crossroads technically. A downside pivot reversal from 15.15/40 will argue strongly that GE remains within the grasp of a larger, incomplete corrective process that should revisit 14.35 – and perhaps 14.00-13.75 thereafter. Conversely, a sustained rally that hurdles 15.40 will trigger signals that GE established a major low at 14.35 and is heading for a retest of 17.00/50.
For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. (https://www.mptrader.com/reg/mmm)
mptrader.com
By Mike Paulenoff
(C) 2009 AdviceTrade, Inc. All rights reserved.
