General Cable Corporation (NYSE: BGC)

General Cable Corporation designs, develops, manufactures, markets, and distributes copper, aluminum, and fiber optic wire and cable products worldwide. The company offers electric utility products, such as low- and medium-voltage distribution cables; high- and extra-high voltage power transmission cable products; bare overhead conductors; and submarine transmission and distribution cables, as well as provides design, integration, and installation services for products, such as high and extra-high voltage terrestrial and submarine systems. In addition, the company provides communications products comprising high-bandwidth twisted copper and fiber optic, multi conductor and pair fiber and copper networking, telecommunications exchange, coaxial, and low detection profile cables, as well as submarine cable systems, submarine networks, and offshore integration systems. Further, it provides construction products consisting of construction, flexible cords, and flame retardant cables, as well as rod mill products, including copper and aluminum rods. The company serves energy, industrial, construction, specialty, and communications markets.
General's stock is forming a head and shoulders (H&S) pattern. Please take a look at the 1-year chart of BGC (General Cable Corporation) below with my added notations:
Over the last (4) months BGC has created a very important level at $32 (red), which is also the “neckline” support for BGC's H&S pattern. Above the neckline you will notice the H&S pattern itself (blue). Confirmation of the H&S would occur if the stock broke below its $32 support. If BGC breaks that level, the stock should move lower from there.
The Tale of the Tape: BGC seems to have formed a head & shoulders pattern. Although a trader could go long at $32 expecting a bounce, the stock's pattern implies an eventual breakdown. If that happens, a short trade should be entered on a break of the $32 level.
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