Off of Friday’s late-session sell-off to 15.56, General Electric (NYSE: GE) has pivoted to the upside with power and has the right look of a price structure that has entered a new upleg. Let’s notice that GE is approaching a very important resistance area at 16.00/05, which represents the prior rally peak (Nov 10) and the Sep-Nov down trendline.

If GE can hurdle and sustain above 16.00/05, the positive 16-17 week cycle (which bottomed on Oct 30 at 14.15) as well as a bullish upleg structure amidst positive momentum should propel the stock to 16.70/90 next.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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