General Electric shares fall to a 26-month low on Monday, Deutsche Bank revises down price target for the stock

Deutsche Bank was reported to have revised down its price target for General Electric Company (GE) to $18 from $21, as, in its view, it may take years for the conglomerate to cope with “operational and cultural challenges and establish a firm foundation from which the company can grow on a sustained basis”. Deutsche Bank also maintained its “Sell” rating for the stock.

General Electric shares closed lower for a sixth consecutive trading session on Monday. The stock went down 1.83%
($0.38) to $20.41, after touching an intraday low at $20.26, or a price level not seen since August 24th 2015 ($19.37).

In the week ended on October 29th the shares of the industrial conglomerate lost 12.76% of their market value compared to a week ago, which marked the worst performance since the week ended on March 8th 2009.

The stock has extended its loss to 15.59% so far during the current month, following a 1.51% slump in September. The latter has been a seventh consecutive month of losses.

For the entire past year, General Electric shares gained 1.44%. However, the stock has retreated 35.41% so far in 2017.

According to CNN Money, the 16 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $27.50, with a high estimate of $35.00 and a low estimate of $20.00. The median estimate is a 34.74% surge compared to the closing price of $20.41 on October 30th.

The same media also reported that 9 out of 20 surveyed investment analysts had rated General Electric’s stock as “Buy”, while 8 – 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 – $20.45
R2 – $20.49
R3 (Range Resistance – Sell) – $20.53
R4 (Long Breakout) – $20.66
R5 (Breakout Target 1) – $20.80
R6 (Breakout Target 2) – $20.86

S1 – $20.37
S2 – $20.33
S3 (Range Support – Buy) – $20.29
S4 (Short Breakout) – $20.16
S5 (Breakout Target 1) – $20.02
S6 (Breakout Target 2) – $19.96

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

Central Pivot Point – $21.62
R1 – $22.61
R2 – $24.42
R3 – $25.41
R4 – $26.39

S1 – $19.81
S2 – $18.82
S3 – $17.01
S4 – $15.19