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Breakout from Bullish Wide Range Bar
Breakout from Bullish Wide Range Bar (+WRB) off Major Support (MS) and Minor Support (mS). Last month, GE rallied to a new 52-week high, and pulled in to mS (the prior high in January), before closing with a +WRB. Subsequently, it consolidated for six trading days in a tight range, within the range of the prior +WRB, creating a large base of demand. Previous day, it closed with a +WRB off MS (the prior low), penetrating through the supply of the consolidation area. Although the prior high will act as resistance, the bullish consolidation over time has absorbed some of the prior supply, suggesting new highs.
chart courtesy of Mastertrader.com
PBO caused by a +WRB off of MS and a prior 52-week high suggests another new high.
Buy above previous day's high ($33.48), or the 30-Min. high if it triggers first, with a protective stop under previous day's low ($32.70).
A move of $1.00 to $3.00 .
GE triggered and stopped at 32.69.
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