General Electric's (GE) chart has taken another leg lower Monday and on strong turnover.
How many times can the courageous bulls continue to be punched in the face? I suspect it won't be too much longer.
Look at the previous high-volume sell days and we can see more downside followed. The Moving Average Convergence Divergence (MACD) is now on a sell signal, and the Relative Strength Index (RSI) crossed under important support.
Monday's volume will be higher than previous buy days, a sign of big institutional distribution. You do NOT want to be long a stock when the big money is selling it!
The cloud is about to twist bearish (far right arrow), and we suspect a move to the $7s is coming soon.
GE is a good stock to stay away from, there are far better names to trade.