01/25/00 General Electric Co (GE)
Points to watch: GE
broke below an important support band at 141.43-144.06 (the 11/17 intraday
high and 12/15 intraday low respectively). The stock also broke
below its 55 day moving average (144.3), and daily MACD gave a sell
signal.
GE tested and held its
next support level at 136.43 (a level which acted as resistance on
10/29/99 and provided support on December 6th and 7th) during yesterday's
intraday lows.
Long and short term
technical indicators have confirmed the stock's drop from its December
all-time high. Daily and weekly OBV, RSI, and stochastics are all
dropping.
A sell short signal
would be given if the stock fails to hold support at yesterday's low of
136.43. after a break down below support, the stock would next find
support at 129.9, 128.3, 125.5, 123.3, and 120.9. Resistance is at
144.
