According to a May 20th statement by General Electric Company (GE), business deals worth $15 billion have been signed with Saudi Arabia as part of the Mid-Eastern countrys effort to achieve economic diversification.
General Electric shares registered their largest daily surge since March 10th during Friday’s trading session. The stock went up 2.07% ($0.57) to $28.05, after touching an intraday high at $28.17, or a price level not seen since May 16th ($28.28). In the week ended on May 21st the shares of the industrial giant lost 0.78% of their market value compared to a week ago, which marked a second consecutive period of decline, but yet, the smallest decrease since the week ended on April 23rd. However, the stock has pared its loss to 3.24% so far during the current month, following a 2.72% slump in April. The latter has been a second consecutive monthly drop and also the sharpest one since January. For the entire past year, General Electric shares gained 1.44%.
The deals range from sectors such as energy and health care to the oil, gas and mining industries, according to the technology and engineering conglomerate.
As reported by Reuters, some of the arrangements represent memorandums of understanding, whose materialization would require further agreements.
According to CNN Money, the 14 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $32.50, with a high estimate of $36.00 and a low estimate of $24.00. The median estimate is a 15.86% surge compared to the closing price of $28.05 on May 19th.
The same media also reported that 7 out of 17 surveyed investment analysts had rated General Electric’s stock as “Buy”, while 6 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the General Electric stock are presented as follows:
R1 – $28.11
R2 – $28.17
R3 (Range Resistance – Sell) – $28.23
R4 (Long Breakout) – $28.42
R5 (Breakout Target 1) – $28.63
R6 (Breakout Target 2) – $28.73
S1 – $27.99
S2 – $27.93
S3 (Range Support – Buy) – $27.87
S4 (Short Breakout) – $27.68
S5 (Breakout Target 1) – $27.47
S6 (Breakout Target 2) – $27.37
By using the traditional method of calculation, the weekly levels of importance for General Electric Company (GE) are presented as follows:
Central Pivot Point – $27.81
R1 – $28.52
R2 – $28.99
R3 – $29.70
R4 – $30.41
S1 – $27.34
S2 – $26.63
S3 – $26.16
S4 – $25.69
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
