The so-called “Trump Bump” was good to General Electric Company (NYSE:GE) shareholders. In fact, General Electric stock was shaken out of its doldrums and rallied more than 7.8% off its early November lows. But shares appear to have once again hit a technical hurdle in the $31 region, and with GE stock near overbought levels, there appears to be little left in the thank.

But hey! There’s always a way to trade stagnating shares like General Electric stock, especially if you know the right options to play.

GE Stock: Sentiment and Technicals

As with all options trades, its important to review potential drivers and bumps in the road before diving into a new position. Let’s start with a look at the brokerage community.

According to Zacks, sentiment has shifted on General Electric stock in the past two months. In September, GE was sitting on five buy ratings, six holds and no sells. According to the most recent data, however, GE is now facing six buys, four holds and one strong sell rating. Meanwhile, the 12-month consensus price target has fallen from $33.71 in September to its current perch at $32.29.

While there is room for upgrades and target increases, General Electric stock has provided little in the way of drivers for any sort of bullish move.

Click to Enlarge Options activity, meanwhile, has largely held its ground. The December put/call open interest ratio has ticked higher to 0.77 from its September/October perch at 0.76.

While calls still maintain their grip on GE’s sentiment backdrop, that hold appears to be slipping, especially with resistance in the $31 region gaining traction.

Overall, Dec. 16 series implieds are pricing in a modest move for General Electric stock, with the shares expected to more about 2.3% ahead of expiration. This places the upper bound at $31.20, with the lower bound at $29.80.

2 Trades for General Electric Stock

Bear Put Spread: With the path of least resistance likely downward at this point, traders might want to consider a GE Dec $29/$30 bear put spread. At last check, this spread was offered at 20 cents, or $20 per pair of contracts.  Breakeven lies at $29.80. A maximum profit of 80 cents, or $80 per pair of contracts, is possible if General Electric stock closes at or below $29 when December options expire.

Call Spread: On the other hand, a breakout above $31 would be a huge move for GE stock. If shares can find the buying power to push past this technical hurdle, it could bring more sideline money to the table. Traders looking to take a risk on a General Electric rally might consider a December $31/$32 call spread. At last check, this spread was offered at 26 cents, or $26 per pair of contracts. Breakeven lies at $31.26. A maximum profit of 74 cents, or $74 per pair of contracts, is possible if General Electric stock closes at or above $32 when December options expire.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.