Current trend

Shares of General Electric Co., an American diversified corporation, have resumed growth since the beginning of the month as part of a long-term upward trend.

The quotes reversed around from the lower border of the Murrey trading range at 106.25 (Murrey level [0/8]), moved into its positive part and are now testing the level of 117.19 (Murrey level [7/8]). Consolidating above it will allow the quotes to continue growing to 118.75 (Murrey level [8/8]) and 120.31 (Murrey level [ 1/8]). The key for the "bears" is the central mark of the Murrey trading range at 112.50 (Murrey level [4/8]), after the breakdown of which the decline can continue to 110.94 (Murrey level [3/8], the central line of Bollinger Bands) and 109.38 (Murrey level [2/8]), but this scenario seems less likely.

Technical indicators confirm the continuation of the uptrend: Bollinger Bands are reversing up, MACD is increasing in the positive zone, Stochastic is horizontal in the overbought zone.

Support and resistance

Resistance levels: 117.19, 118.75, 120.31.

Support levels: 112.50, 110.94, 109.38.

Trading tips

Long positions can be opened above the level of 117.19 with targets at 118.75, 120.31 and stop-loss around 116.20. Implementation period: 5–7 days.

Short positions can be opened below the level of 112.50 with targets at 110.94, 109.38 and stop-loss at 113.60.