GE Daily Chart: Corrective Pullback Towards Key Support LevelGE AerospaceBATS:GEManiMarketsOverview: GE has experienced a significant bullish run since early April, forming a well-defined ascending channel. However, recent price action indicates a potential corrective pullback after failing to sustain above the upper boundary of this channel. The stock is currently trading below the lower trendline of its previous upward channel, suggesting a short-term weakening of momentum. Key Observations & Analysis: 1.Ascending Channel (April - June): From early April to early June, GE demonstrated a strong, consistent uptrend, respecting the boundaries of a well-defined ascending channel. This indicated strong bullish sentiment and controlled accumulation. 2.Recent Break Below Channel: In the past few days, the price has clearly broken down below the lower trendline of this ascending channel. This is a significant technical event, often signaling a potential deeper correction or a pause in the previous strong uptrend. 3.Current Price Action: GE is currently trading around $239.72, having pulled back from its recent highs near 255-to- 258. The red candlesticks confirm the ongoing selling pressure in the short term. Identified Support Levels: We have identified two crucial support zones where buyers might step in, based on previous price action and potential demand areas: •1st Support Zone (230 - 238): This is the immediate and first line of defense for the bulls. This zone aligns with previous consolidation areas and could act as a strong demand zone if the selling pressure subsides. •Key Support Zone (215 - 220): Should the 230-238 support level fail to hold, the 215-220 zone represents a more significant "Key Support." This level appears to be a stronger historical demand area that could provide a more robust bounce opportunity. Potential Price Scenarios & Target: Based on the current pullback and identified support levels, two primary bullish rebound scenarios are outlined: •Scenario 1 (Shallow Pullback): The price finds strong support within the 230-238 range. From there, we could see a rebound, potentially retesting previous highs. •Scenario 2 (Deeper Pullback): If the 1st support fails, the price extends its correction to the 215-220 Key Support zone. A strong bounce from this level would then be anticipated. In both scenarios, the projected upside target for a rebound is the 250 - 258 Target zone. This target range aligns with the previous highs and the upper boundary of the now-broken ascending channel. Invalidation: A sustained close below the 210 level would be a significant bearish development, invalidating the immediate bullish rebound thesis and potentially opening the door for further downside. Conclusion: GE is currently undergoing a healthy corrective pullback after a strong rally. Traders should closely monitor the price action around the identified support zones (230−238) and (215−220) for potential bullish reversal signals. A successful bounce from either of these levels could see GE aiming for the 250−258 target. Disclaimer: The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.