General Electric shares back to rise and target the next resistance - analysis - 24-06-2016

General electric shares ended yesterday’s trading on Thursday higher by (0.41 point) or (1.33%) of the previous closure , after it experienced a strong bullish movement during the previous short trades push the price to pass the resistance level 30.95 and to reach the next resistance 31.30 before it declines again below 30.95, as the price traded above 30.55 resistance to approach the next resistance 30.95 before declining again to retest 30.55 level represented by 78.6% correction level for the decline from 31.50 to 27.11.

Worth mentioning the price formation for a rising bottom during the previous week at the level of 30.10 coinciding with the support of SMAs’ 50 and 100, which pushed the price to the continuous rising ending the trades above 30.55 to reach 30.95, to fall again searching appropriate support.

Yesterday’s rising movement consider as an announcement for the price to continue its bullish movement that targets initially 31.30 resistance level, which if the price was able to pass it; the price will target the next resistance 31.70, which requires he stability of the support level 30.95.