GE; bearish engulfing on Weekly resistanceance

GE has had a good run up since it bottom out at about $6. With lots of news about EV, it seems GE can go higher. But before that, it is always healthy to have some form a retracement.

Based on the 1H chart, a good place to start shorting is between $13-13.25

Target profit 1 is $10.50 area/ 20 MA

Target profit 2 is $8.50 area.

Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.

If you have any symbols that you'd like me to analyze, feel free to drop me a comment.

Thanks!

Kommentera:

Oppss! Just realized I made mistake in thinking GE is General Motors!
Don't suppose GE has anything got to do with EV though

Kommentera:

Should be a good time to sell GE now.

Kommentera:

Went up higher to where I'd like it to be but let's see if it will start heading down next week. Setup still valid

Kommentera:

Setup is actually invalided but let's see how it is tomorrow. If still goes up further, then will look to close the trade