GE - A fresh look - Trade the breakout
Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
If you've been following me for more than a couple days, or if you're part of our little group of collaborators, you know that I've been following and aggressively trading GE since about the time it bottomed in late 2018.
GE got a boost after earnings on Jan 31 and we've basically been flagging a bit since then. Basically, people are taking profit and people are buying dips and as that happens, consolidation kicks in and we start to get to a break out phase... but where will we go?
Only time will tell, and I always say to trade the breakout. I did it on IOST the other day, made a profit, and got out. I plan to do about the same thing here. I've been holding a lot of GE for a while now and if it goes up, I'll continue to hold it. If it falls out from under here and happens to break the 100 hourly moving average which happens to be at $9.95 right now, I'll probably sell in order to buy cheaper... eventually. :)
If the 25/50 hourly crosses bearish (they're only about $.02 apart right now), that'll be another confirmation that the trend is down. Until then, I'll hold and plan to get out eventually when I see some good divergence on higher timeframes. Until then, I monitor this consolidation wedge.
I should also add a disclaimer that I hold some options for mid-April expiration for $10 calls. If this pops up, I will cover most of those calls.
Trade safely friends!
<3 -CE-
If you've been following me for more than a couple days, or if you're part of our little group of collaborators, you know that I've been following and aggressively trading GE since about the time it bottomed in late 2018.
GE got a boost after earnings on Jan 31 and we've basically been flagging a bit since then. Basically, people are taking profit and people are buying dips and as that happens, consolidation kicks in and we start to get to a break out phase... but where will we go?
Only time will tell, and I always say to trade the breakout. I did it on IOST the other day, made a profit, and got out. I plan to do about the same thing here. I've been holding a lot of GE for a while now and if it goes up, I'll continue to hold it. If it falls out from under here and happens to break the 100 hourly moving average which happens to be at $9.95 right now, I'll probably sell in order to buy cheaper... eventually. :)
If the 25/50 hourly crosses bearish (they're only about $.02 apart right now), that'll be another confirmation that the trend is down. Until then, I'll hold and plan to get out eventually when I see some good divergence on higher timeframes. Until then, I monitor this consolidation wedge.
I should also add a disclaimer that I hold some options for mid-April expiration for $10 calls. If this pops up, I will cover most of those calls.
Trade safely friends!
<3 -CE-
CE - BitDoctor
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