General Electric Co. (NYSE:GE) shares are trading lower Monday after the company announced a 1-for-8 reverse stock split.

This split increases the price of the stock while lowering the share count; holders after the split will have the same equity they had before the split.

General Electric was down 1.19% at $102.37 at last check.

General Electric Daily Chart Analysis

• The stock is trading in what technical traders call an ascending triangle pattern and may be ready to break out within the coming weeks.
• The stock trades below the 50-day moving average (green), but above the 200-day moving average (blue), indicating the stock is likely facing a period of consolidation.
• The 50-day moving average may hold as resistance, while the 200-day moving average may hold as support.
• The $115 price level has held as resistance multiple times in the past and may continue to hold until the stock either breaks the pattern or falls below pattern support.
• The Relative Strength Index (RSI) has been moving sideways and sits at 46. This means there are slightly more sellers in the stock, but buying and selling pressure look to be relatively equivalent recently, as the RSI hasn't made a large move.

What’s Next For General Electric?

Bullish traders are looking to see the stock break out above resistance and hold above it. If the stock can hold its gains after breaking resistance, it may be ready to see another upward push.