We Bring Good Things to Life:
I am old enough to remember that slogan when it was a conglomerate. It has since spunoff some major players to unlock shareholder value with GEV a leader in the sustainable energy space, and GEHC which is now sporting a bull flag, which did record a bearish counterattack candle Friday. As both of these names look attractive so does the largest holding in the XLI and below is the daily chart of GE. Last week the stock scored a robust advance of 6.5% in well above average WEEKLY volume. Just 5 weeks ago it recorded a bullish WEEKLY hammer candle off the 50 WEEK SMA, its first touch in more than 2 years. On RSI it is now touching the bullish zone threshold 50 number and the last 2 times it did that in late 2022 and 2023 PRICE responded in a vigorous fashion. To show its consistency between the start of 2023 and May 2024 it never registered a 3-week losing streak (and fell in back-to-back weeks just 6 times). Watch for a WEEKLY bullish MACD crossover (although there was a false whipsaw last October). The MONTHLY chart of the largest holding in the XLI recently put up a bullish golden cross, is bull flagging, and has room to a measured move to 230 based on the long cup base breakout above a 135.17 pivot (from July 2016 that recorded a bearish gravestone doji candle).