GE General Electric Weekly Chart Overbot Rising Wedge Negative Divergence

GE is a global and financial bellwether. Earnings beat by a penny a few minutes ago but miss on top line revenue. The misses on the top line continue this earnings season. The weekly chart shows the red rising wedge in play. Price pops on the earnings to 23.85. Keystone's 80/20 rule says 8's typically lead to 2's so 23.80 would place the 24.20's in play, which is also the top trend line of the wedge. The chart is sick and any bounce today is likely a gift to short from.

The red lines show negative divergence across the board and a stock that is petering out. Price recovered after the negative divergence smack down in March but should roll over again from the red circle. Playing GE long is like picking up nickels in front of a bulldozer. There may be a touch of upside remaining but the projected move to the downside is far greater. For the sake of patience and letting price come to you, perhaps waiting to see if 24.20+ occurs would be prudent for the short side although GE can likely be shorted anywhere from here and higher. Projection is sideways to sideways lower for the weeks and months ahead. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

Note Added 8:50 PM:  GE is running higher pre-market tagging the 24.20 level. Looking good from a short perspective.

Note Added 9:49 AM: GE catapults +5% to 24.80. Above here and 25.20 would be targeted.