General Electric is Near a Key Support Area

New York, November 2nd (TradersHuddle.com) - Shares of General Electric Co. (NYSE:GE) are trading very close to calculated support at $20.97 with price action closing at just $21.34 and placing the stock near levels where traders will start paying attention.General Electric's stock range is defined by its calculated support defined at $20.97 and by the resistance level at $23.18, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to General Electric's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $23.18 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

General Electric Company (NYSE:GE) is a diversified technology, media, and financial services company. The diversified corporation offers products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content, and industrial products. General Electric conducts operations globally, and its consider a bellwether of the U.S. economy, as it participates in so many segments of the economy. GE was founded in 1892 and is based in Fairfield, Connecticut.