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12/03/98 General Electric (GE) Points to watch: A double top is forming on GE's daily chart. Upside Gann resistance exists at 95. Downside support exists at 88.31 (25% retracement) and 89.13. Stock tested and held support on Wednesday. Stock closed below DMA (91.65) for second straight day. GE remains overbought. Daily %R has turned down. Daily MACD and stochastics have given sell signals. Both daily and weekly OBV have shown strong negative divergences with price action during the latest price peak. Weekly RSI has shown strong negative divergences during the latest top. Short on break below support at 88, placing a stop near resistance. |
