$GE – Short Term Buy Signal - TA-Lib Piercing the Line
Are you ready to jump in front of a freight train? GE rocked Wall Street with A 50% Dividend cut and major restructuring. This stock has been in a free fall for the whole year. Bearish sentiment and trend analysis keep this market in a world of hurt. However, a “Piercing Line” Japanese Candlestick Buy signal has been triggered on the Daily chart. Blood is in the street, and GE is in the gutter. Is it time to Buy this stock? The long-term outlook is hazy, but short term it is a BUY.
Daily, Weekly, and Monthly charts have GE getting mauled by the Bears. The recent “Piercing Line” Buy signal has the stock ready for a retracement. 21.20 is the first objective on a bounce that could see the 23.42 Resistance level before there is any turn back to Support. Expect a fight if the Bulls can lift the market back into this area. It will most likely get dicey as the Bulls try to regain control of GE’s fate. Expectations may be a blur at the present time for this market. The fundamentals are very Bearish because of the Dividend cut. Millennials could care less…but Boomers might. The flight to quality, security, and income cash flow have all been tossed out the window. Only trading above 23.43 confirms confidence and a potential Bullish rally towards the 27.02 level.
Trading under 17.50 is the thing that, on the other hand, should set off more Selling pressure. Do not fight a failure in this area. All bets are off as Funds readjust conservative equity investing, and drop GE stock because it is a sinking ship. Stockholders do not get golden parachutes, and long-term investors have suffered enough from a lackluster stock that no longer pays its owners. Look out below…New Move Lows. 9.28 is the longer term major Sell off target.
by Theodore Kekstadt.
Originally posted on www.cloudquant.com as a blog.
Demo Script for the TA-LIB function "Piercing Line" under Public Scripts > TALIB