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Major Move in GE Under Way

Signaled by a breakaway gap from a double-top


General Electric (NYSE: GE) — This bluest of blue-chip stocks sells products ranging from aircraft engines to consumer appliances to railroad locomotives and medical equipment.

On Friday, GE broke above $20 for the first time in two years after announcing quarterly earnings that were better than expected by 4 cents per share. Standard & Poor’s increased their 12-month target from $20 to $24 with a “four-star buy” rating.

The company pays an annual dividend of 56 cents providing a yield of 2.8%, but talk persists of a pending dividend increase this year.

Technically, the stock has broken from a double-top on a breakaway gap signaling that a major move is under way. GE is one of my top stock picks for both intermediate- and long-term investors. Our short-term trading objective is $23.

Trade of the Day - GE Stock Chart

Trade of the Day Chart Key

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