GE’s Chart Says It Should Continue Making New Highs: GE

General Electric (GE) — Following Friday’s earnings announcement, the stock broke past a multi-month resistance area to a new year-to-date high.

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On the multi-year chart, two things stand out.

First, while not quite there yet, the stock is slowly but surely moving toward a major resistance area closer to the $27 mark, which is where the downtrend line off the 2000 top comes into play. Given how long this downtrend has been in the making, we must give the resistance area some breathing room. Thus, I am circling $26.90 to $28 as the next major resistance area, which would also coincide with the 61.8% Fibonacci retracement level from the October 2007 highs down to the early 2009 lows.  (more)

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