Boston, MA, 04/23/2014 (usastockreport) – General Cable Corporation (NYSE:BGC) on the daily charts tried bouncing back once it hit the intra-day low of $24.74 but was unable to cross the trend line resistance at $26.51 and since then has entered into a corrective downturn. The stock is trading below its important daily moving averages and has also formed a crossover wherein the 50 day moving average has crossed below the 100 day moving average which is a bearish sign so as to speak of.
The stochastic oscillator for General Cable Corporation (NYSE:BGC) are showing signs of a bearish crossover and in the process have given a bearish divergence in the charts which confirms to us that the downtrend for the stock might continue and we might be able to see lower levels for the stock in the very near term. The relative strength index is showing no signs of recovery and confirms our belief that the stock can break the previous low and head lower.
The weekly chart for General Cable Corporation (NYSE:BGC) paint a very similar picture for the stock as it has broken below key support levels and is currently trading below all the important moving averages. The stock at the current moment trades below the all-important weekly support of $26.64 and makes us believe that it can head to as low as $23.25 in the very short term on a weekly closing basis. The stochastic oscillator on the weekly charts is in the oversold zones but isn’t showing any sign of recovery at the current juncture and any little pull back in the stock should be used by traders as a selling opportunity.
(Figure): Daily chart for General Cable Corporation (NYSE:BGC)
Latest Buzz: General Cable Corporation (NYSE:BGC) updated its first quarter outlook which was received well by the street making many analysts take a positive outlook for the stock going forward.