A bullish position on General Electric (GE) netted traders a 209% profit
Last week, subscribers to our Expiration Week Countdown service scored a 209% profit on our recommended General Electric Company (NYSE:GE) April 21, 95-strike call recommendation. Below, we'll unpack the reasoning for the bullish stance on the former Dow stock.
At the time of this recommendation on Sunday, April 16, GE was breaking higher from a retracement back to an uptrend line and support area around the $93-$94 area. The shares' 80-unit moving average on the hourly chart was stepping up as support. Despite the favorable technical setup, TD Ameritrade client's were net sellers over the previous two months, so an unwinding of these bearish bets could help the shares higher.
General Electric stock's relative strength index (RSI) on the charts also confirmed a move out of a short-term consolidation zone.
In the span of a week, GE added 4.6%, culminating in a new record high of $100.80 on Thursday. One day prior, we closed 100% of the position, allowing subscribers to more than triple their money in the span of three trading days.