We recently looked at General Electric (GE) price action as it fell sharply towards a the support of consolidation range it has been trading in since February this year.General Electric (GE) Daily Chart(click to enlarge)Range Support to Triangle Support:- The daily chart shows last week's bearish break from GE's recent consolidation range.- After the breakout, price is again at a consolidation support, this time of a larger triangle. - In fact this triangle encapsulates the price action since early 2016. Bearish Bias:- Entering 2016, GE was bullish. - Although we saw new highs within 2016, price action is in a consolidation mode. - Furthermore, within this consolidation mode, we are seeing some bearish bias for the short to medium-term.- First of all price is now holding under the 200- and 100-day simple moving averages.- The RSI has tagged below 30 and has held under 60, a sign of developing bearish momentum.- Finally, the bearish price action is strong, although one can argue that there has been V-shape reversals. - I would say that even those V-shape reversals occurred after a period of choppiness, which resulted in bullish divergences with the RSI. - So from a technical analysis perspective, we should anticipate further bearish action.- While the triangle support might not hold up, we should still monitor the area around the 2016 low, 27.10.- A break below 27.00 would complete a price top and signal further downside. But for now, because of the prevailing uptrend since 2009, we should still look at this as consolidation within a long-term uptrend.General Electric (GE) Weekly Chart(click to enlarge)