4 Trade Ideas for General Electric: Bonus Idea

• Posted by Greg Harmon
• on November 13th, 2023

Here is your Bonus Idea with links to the full Top Ten:

General Electric, $GE, comes into the week making a higher high. It has Bollinger Bands® opening to the upside. The RSI is rising into the bullish zone with the MACD positive and rising. There is resistance at 117 then back to 2017 to find it at 119.25 and 123.50 then 133 and 137.50 before 142.50. Support lower comes at 114.50 and 113.50 then 111.75 and 110. Short interest is low under 1%. The stock pays a dividend with an annual yield of 0.28% and has traded ex-dividend since September 25th.

The company is expected to report earnings next on January 22, 2024. The November options chain shows biggest open interest at the 110 put and call strikes. In the December chain it is biggest at the 80 put and at the 110 call. The January chain has large open interest at the 75 and 80 puts and at the 95 call. Finally, the February chain is starting out with biggest open interest at the 115 put and 110 call.

General Electric, Ticker: $GE

Trade Idea 1: Buy the stock on a move over 117 with a stop at 113.50.

Trade Idea 2: Buy the stock on a move over 117 and add a December 115/110 Put Spread ($1.60) while selling the February 135 Call ($1.00).

Trade Idea 3: Buy the December/January 120 Call Calendar ($1.60) while selling the December 105 Put (50 cents).

Trade Idea 4: Buy the February 105/120/130 Call Spread Risk Reversal (1.05).

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the first full week of November in the books, saw midcap and large cap equity markets showed continued strength after a slow consolidating start.

Elsewhere look for Gold to continue its pullback while Crude Oil joins it with a turn to the downside. The US Dollar Index continues to drift in consolidation while US Treasuries bounce in their downtrend. The Shanghai Composite looks to continue its bounce as well while Emerging Markets consolidate.

The Volatility Index looks to remain very low making the path easier for equity markets to the upside. Their charts look strong, especially on the shorter timeframe. On the longer timeframe both the QQQ and SPY look to continue higher after breaking out of bull flags. The small cap IWM continues to languish on all timeframes though. Use this information as you prepare for the coming week and trad’em well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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