New York, October 16th (TradersHuddle.com) - General Electric Co. (NYSE:GE) closed the trading
day at $22.64, near its 50 day moving average that is set at $21.71. General Electric's price action is just above this important support level, providing a trading opportunity.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.
The peaks and troughs algorithm shows calculated support at $19.36 and calculated resistance at $23.18. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on General Electric should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.