GE General Electric Daily Chart Island Reversal

GE daily chart showing the island top that was created from the gap jump up to 19.1+. Thus, the island reversal would immediately drop price thru a trap door down to 18.5 or lower, and, from the look of the futures this morning, that may be on tap. The price move over the last three weeks saw price falling, along with all the indicators, verifying weak and bleak conditions.  The histogram was agreeable to a little sideways or up instead but it will continue to be overruled.

18.0-18.5 is sturdy support and a solid congestion zone, price should have to work quite a bit if it wants to fall under 18. But, if GE does lose the 17.9-18.0 area, the door opens to 17.7, 17.2 and the gap fill at 16.7. A positive for GE is its product line with generators, compressors, turbines, equipment--all things needed to help Japan rebuild, as well as equipment for the wind and solar side should politico's knee-jerk and throw more dough into alternative energy. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.