Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

According to a statement by a company representative, General Electric (GE) is not willing to share turbine production for Boeings 797 middle market aircraft with major competitors such as Rolls Royce and Pratt & Whitney. The 797 jet is expected to be put into service in 2025.

General Electric shares closed lower for the first time in the past four trading sessions on Monday. The stock went down 0.69% ($0.20) to $28.80, with the intraday high and the intraday low being at $29.00 and $28.74 respectively. In the week ended on June 18th the shares of the industrial giant added 3.79% to their market value compared to a week ago, which marked a third consecutive period of gains and also the best performance since the week ended on November 13th 2016. The stock has pared its advance to 5.19% so far during the current month, following a 5.55% slump in May. The latter has been a third consecutive monthly drop and also the steepest one since January. For the entire past year, General Electric shares gained 1.44%.

In case a number of suppliers are chosen by Boeing, according to David Joyce, the head of General Electric’s aero-engines arm, his company will not take part in the production process.

In a statement at the Paris Air Show, Joyce reportedly said that General Electric still bears the “scars” from being among the three engine suppliers for the Airbus A330 jet two decades ago.

According to CNN Money, the 14 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $32.00, with a high estimate of $36.00 and a low estimate of $24.00. The median estimate is an 11.11% surge compared to the closing price of $28.80 on June 19th.

The same media also reported that 8 out of 17 surveyed investment analysts had rated General Electric’s stock as “Buy”, while 5 – 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 – $28.82
R2 – $28.85
R3 (Range Resistance – Sell) – $28.87
R4 (Long Breakout) – $28.94
R5 (Breakout Target 1) – $29.03
R6 (Breakout Target 2) – $29.06

S1 – $28.78
S2 – $28.75
S3 (Range Support – Buy) – $28.73
S4 (Short Breakout) – $28.66
S5 (Breakout Target 1) – $28.57
S6 (Breakout Target 2) – $28.54

By using the traditional method of calculation, the weekly levels of importance for General Electric Company (GE) are presented as follows:

Central Pivot Point – $28.94
R1 – $29.53
R2 – $30.07
R3 – $30.66
R4 – $31.26

S1 – $28.40
S2 – $27.81
S3 – $27.27
S4 – $26.74

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • New Zealand dollar with limited gains against US peerNew Zealand dollar with limited gains against US peer New Zealand dollar traded higher against its US counterpart on Monday, but it was put under pressure following the release of mixed Chinese PMI data and the ongoing expectation, that the Federal Reserve will start to unwind its monthly bond […]
  • NV5 secures $13 million in data center contractsNV5 secures $13 million in data center contracts NV5 Global Inc (NASDAQ: NVEE), a provider of technology, conformity assessment and consulting solutions, said this week it had secured $13 million in contracts to support the expansion of data center assets for technology and financial […]
  • Forex Market: EUR/USD daily forecastForex Market: EUR/USD daily forecast During yesterday’s trading session EUR/USD traded within the range of 1.3536-1.3587 and closed at 1.3549.At 7:06 GMT today EUR/USD was losing 0.01% for the day to trade at 1.3546. The pair touched a daily low at 1.3542 at 5:00 […]
  • Forex Market: GBP/USD trading outlook for September 26th 2016Forex Market: GBP/USD trading outlook for September 26th 2016 Friday’s trade (in GMT terms) saw GBP/USD within the range of 1.2915-1.3090. The pair closed at 1.2964, shedding 0.87% compared to Thursdays close. It has been the 186th drop in the past 345 trading days and also the steepest one since […]
  • Natural gas trading outlook: futures inch higher on colder weather outlookNatural gas trading outlook: futures inch higher on colder weather outlook Natural gas performed a slight rebound from a 27-month low on Friday amid weather forecasts pointing to a colder start to January but gains were capped by US inventories continuously narrowing down a deficit to the five-year average.On the […]
  • Natural gas extends gains as winter storm tracks across the US NortheastNatural gas extends gains as winter storm tracks across the US Northeast Natural gas extended yesterday’s gains as a winter storm tracked across the northeastern part of the US, lowering temperatures to much-below-normal and boosting demand for the power station fuel, at a time when stockpiles are already at a […]