Trade of the Day: General Electric (GE)

Resistance is holding and the stock is dropping

Honesty Is A Good Start But Not Enough To Boost General Electric Stock

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Today, we’re opening a new bearish trade on General Electric (NYSE:GE).

The GE report last week was “less bad” than expected. However, resistance is holding and the stock is dropping.

Current management is facing vocal protests at the shareholder meeting and making promises about fixing the company after a tough year, which can’t bode well for GE’s stability.

We think the downtrend is likely to reassert itself and that the stock will break to new lows in the short term.

‘Buy to open’ the GE June 14 Put (GE180615P00014000) for a maximum price of $0.69.

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