General Electric tries to pass the bullish channel support - analysis - 02/05/2016

General electric shares closed lower on Friday trades by (-0.15) point or (-0.49%)   from the previous closure, as the price was able to form a bullish channel during the previous short trades to decline and trying to pass its bottom board during the current trades, comes after share prices passed 30.54 resistance represented by 78.6% correction level for the decline from 31.50 to 27.11.

And it is noticed the price formation for a harmonic pattern (bearish pat) that pushed the price ahead 31.50 resistance level during the previous trades, as the mentioned resistance represents the (D) point for the pattern, and also the price fell from the (D) point to support the current expectations which tends to bearish movement.

Generally; the price now is trading below the resistance 30.95, which if held it will push down the price to try the breaching of the support level 30.55 to target 29.81 next support, which is supported by the breaching of the mentioned channel, but trading and holding above 30.95 will push the price for a further rise to try the breaching of 31.00 level targeting a higher resistances.