Off of Friday’s late-session sell-off to 15.56, General Electric (GE) has pivoted to the upside with power and has the right look of a price structure that has entered a new upleg. Let’s notice that GE is approaching a very important resistance area at 16.00/05, which represents the prior rally peak (Nov 10) and the September-November downtrend line.

If GE can hurdle and sustain above 16.00/05, the positive 16-17 week cycle, which bottomed on October 30 at 14.15, as well as a bullish upleg structure amidst positive momentum should propel the stock to 16.70/90 next.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.