The post-earnings action in General Electric (GE) - Get Report is mixed. While shares were still up 9.7% to $9.92 on Wednesday, the came well off the highs at $10.37.

Additionally, shares have been able to reclaim a few key technical areas, but have failed at others. It leaves investors cautiously optimistic that perhaps the worst is over for General Electric at this point and gives hope to a higher stock.

The company delivered a top- and bottom-line beat for the third quarter, while also raising its free cash flow guidance. Readers will recall that free cash flow has been a key concern among investors and analysts alike, so easing those fears is a catalyst for the bulls.

The stock must hold its post-earnings gains -- which may be hard if the market gets bumpy -- but it will be a key development going into year end.

Let's look at the charts and see what's going on.

Trading GE Stock

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In August, General Electric stock broke down below $9, which has been range support for almost all of 2019. Shares then promptly broke below $8, with buyers ultimately stepping in to defend the stock at $7.75 multiple times over the next several sessions.

It's taken several months to claw its way back, but GE stock has been able to put in a series of higher lows and reclaim $9. In doing so, it also reclaimed the 50-day moving average and downtrend resistance (purple line).

Holding up just over $9 for the last few weeks eventually yielded a bullish response, as shares reclaimed the 100-day and 200-day moving averages, as well as the 61.8% retracement with Wednesday's rally. This area comes into play between $9.40 and $9.50, in what has turned into a must-hold level, in my view. If the stock gets hit, this area has to hold, otherwise $9 and potentially lower could be back on the table.

On the upside, GE was not able to maintain above the 78.6% retracement at $10.25. If it can reclaim this mark in the ensuing sessions, the stock's resistance zone between $10.50 and $10.75 is on the table.

Admittedly, this is an intimidating zone. However, if GE stock can reclaim this area, there's very little that stands in its way from marching back to its 52-week highs up near $11.25. That's up more than 12% from current levels.

The bottom line: Above the 200-day moving average is constructive, while below $9.40 is bearish. Over $10.25 and the $10.50 to $10.75 are is possible. Above this range is bullish for GE stock.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.