Technical Earnings Preview: General Electric in well-defined downtrend
Shares have been in a well-defined bearish trend and channel since a breakdown in price in early May. Price is near the center of the bearish price channel, last at $23.67. If the news is a negative surprise, a test down to the low of the channel bound is highly likely at the $22 area. This would mark a fresh 52-week low. Next support levels to watch as potential downside objectives would be at $21.18 and then at the $20 area. If the news is a positive surprise, a test up to the upper bound of the price channel at the $24.50 area would be likely. A breakout above $25 would confirm the downtrend had been broken, which would be bullish for future price. Next resistance levels to watch in that event as potential upside objectives would be at $25.89 and then at $26.97.