Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

Market Dumps General Electric (GE) on Investor Day

General Electric $GE is having a rough year after peaking around 33 at the end of 2016. It closed right around 19.00 by the end of the 11/13 US trading session. A couple of weeks ago, we noted that there was a key support here around 19-20 for GE, but price action looks ready to take it out. 

GE Daily Chart

(click to enlarge)

Bearish; Support Around 14:
- The daily chart shows that price action has reversed all the gains since the 2015 low. 
- This is a heavy sell-off and we should anticipate more downside risk to at least the area around 14.00.
- This is a support/resistance pivot area.
- Below 13.80, price has the 2009 low around 6 in sight, but we should also monitor the psychological level of 10. 

Today's dip followed GE's investor day which included:
1) slashing dividend by 50% to 12 cents per share. 
2) cutting 25% of staff from the home office. 
3) renewed focus on focus on health care, aviation and energy.
https://www.cnbc.com/2017/11/1...