Positive sparks offer further selling opportunity in GE. We look to Sell at 82.00 (stop at 87.00)
General Electric Company
Short Term - We look to Sell at 82.00 (stop at 87.00)
Previous support level of 85.50 broken. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. We look for a temporary move higher. The reaction higher is positive, however, we view this as an opportunity to set shorts in line with the overall bearish move lower. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 82.00, resulting in improved risk/reward.
Our profit targets will be 72.00 and 65.00
Resistance: 82.00 / 85.50 / 94.00
Support: 72.00 / 65.00 / 60.00
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