General Electric shares close lower on Wednesday, conglomerate signs deals in China worth $3.5 billion

Three aviation and engine deals worth $3.5 billion were reportedly signed between General Electric Company (GE) and its partners in China during US President Trumps visit to Beijing today.

General Electric shares closed lower for the 11th time in the past 13 trading sessions on Wednesday. The stock went down 0.45% ($0.09) to $20.12, after touching an intraday low at $20.07, or a price level not seen since November 3rd ($19.86).

In the week ended on November 5th the shares of the industrial conglomerate lost 3.13% of their market value compared to a week ago, which marked a second consecutive period of decrease.

The stock has neutralized earlier advance and is now down 0.20% so far during the current month, following a 16.63% slump in October. The latter has been an eighth consecutive monthly loss and also the largest one in more than two years.

For the entire past year, General Electric shares gained 1.44%. However, the stock has retreated 36.33% so far in 2017.

An engine and repair deal for GEnx-1B engines, valued at $1.4 billion, had been signed between GE and Juneyao Airlines Co Ltd, the industrial conglomerate said in a statement.

At the same time, ICBC Leasing ordered 80 Leap-1B engines for 40 Boeing 737 MAX jets. The deal was estimated at $1.1 billion. ICBC Leasing is a division of Industrial and Commercial Bank of China Ltd.

In addition, a framework agreement was signed between General Electric and China Datang Group over the supply of gas turbines and other components for projects on Chinese soil, which were estimated at approximately $1 billion.

According to CNN Money, the 16 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $24.00, with a high estimate of $35.00 and a low estimate of $19.00. The median estimate is a 19.28% surge compared to the closing price of $20.12 on November 8th.

The same media also reported that 8 out of 20 surveyed investment analysts had rated General Electric’s stock as “Buy”, while other 8 – as “Hold”. On the other hand, 4 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 – $20.14
R2 – $20.17
R3 (Range Resistance – Sell) – $20.19
R4 (Long Breakout) – $20.26
R5 (Breakout Target 1) – $20.34
R6 (Breakout Target 2) – $20.37

S1 – $20.10
S2 – $20.07
S3 (Range Support – Buy) – $20.05
S4 (Short Breakout) – $19.98
S5 (Breakout Target 1) – $19.90
S6 (Breakout Target 2) – $19.87

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

Central Pivot Point – $20.16
R1 – $20.70
R2 – $21.25
R3 – $21.79
R4 – $22.32

S1 – $19.61
S2 – $19.07
S3 – $18.52
S4 – $17.96