An ‘inverted head and shoulders’ pattern after passing a big test of support suggests the stock may have already bottomed

maggio 14, 2018

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For those wondering when General Electric Co.’s stock will finally hit bottom, the stock’s passing of a big test of support and two widely known bullish reversal patterns suggests it already has. To confirm a change in trend, especially one that has been as powerful and long-lasting as the downtrend in the industrial conglomerate’s stock GE, -0.61% takes more than a couple of bullish chart signals. There also needs to be confirmation, often through a rigorous test of support. That’s to make sure the reversal signals aren’t just setting a “bull trap,” which is a false upward move that, instead of starting a new trend, often ends up being the final rally before a renewed selloff to lower lows. After bulls successfully defend support, they have to start taking the initiative by breaking through overhead resistance. Over the last few weeks, since GE reported better-than-expected first-quarter results, the stock has done what is needed to flash a longer-term buy signal, by producing a “breakaway gap,” passing several tests of support and confirming a bullish “inverted head-and-shoulders” reversal pattern. Now all the bottom thesis needs is a little follow-through. Don’t miss: Investors shouldn’t get ahead of themselves on General Electric. ‘Breakaway gap’ jump starts the rally After a surprisingly strong earnings report before the April 20 open, the stock produced an upside “gap” in the charts, in which the intraday low ($14.34) was above the previous session’s intraday high ($14.06). In a strong downtrend, bears don’t usually get blindsided, and bulls lack the strength to push prices above market levels. Importantly, the stock gapped above a 7-month downtrend line, as well as the widely-followed 50-day moving average, which many chart watchers use to define the short-term trend. That created one of the more bullish technical patterns called a breakaway gap.