General Electric Wave Analysis – 17 March, 2020
March 17, 2020 @ 17:40 +03:00
- General Electric broke support zone
- Likely to fall to 5.00
General Electric recently broke through the support zone lying between the the long-term support level 7.72 (yearly low from 2019) and 6.65 (which stopped the sharp downtrend at the end of 2018).
Both of the above support breakouts are very strong sell signals which heighten the probability of further losses for General Electric.
Given the strength of the long-term downtrend that can be seen on the weekly General Electric charts – the price is likely to fall further toward the next support level 5.00 (intersecting with the weekly down channel from 2018).