General Electric shares fall almost 1% on Tuesday, as Warren Buffett sells his entire stake in the company

As reported by Business Insider, in a SEC filing on August 14th Warren Buffetts Berkshire Hathaway revealed it had sold its entire stake in General Electric Company (GE) during the second quarter.

General Electric shares closed higher for the second time in the past six trading sessions on Monday. The stock went up 0.63% ($0.16) to $25.36, with the intraday high and the intraday low being at $25.55 and $25.25 respectively.

GE shares were last down 0.89% on Tuesday to trade at $25.13, after touching an intraday low at $25.10, or a price level not seen since October 2nd 2015 ($24.83).

In the week ended on August 13th the shares of the industrial giant lost 2.25% of their market value compared to a week ago, which marked the third drop in the past four weeks and also the steepest one since the week ended on July 23rd. The stock has pared its loss to 0.98% so far during the current month, following a 5.18% slump in July. The latter has been a fifth consecutive month of losses. For the entire past year, General Electric shares gained 1.44%.

As the SEC filing reflected second-quarter positions, Mr. Buffett could have made the divestiture at any moment during this three-month period.

Despite recent bull market, the shares of the conglomerate did not gain any momentum. The stock has retreated 19.75% so far this year.

Jeff Immelt retired as GEs CEO earlier than anticipated at the beginning of August. He was succeeded by John Flannery, who previously served as head of General Electrics health care business.

According to CNN Money, the 15 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $28.00, with a high estimate of $33.00 and a low estimate of $22.00. The median estimate is a 10.41% surge compared to the closing price of $25.36 on August 14th.

The same media also reported that 8 out of 19 surveyed investment analysts had rated General Electric’s stock as “Hold”, and 8 – as “Buy”. 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 – $25.39
R2 – $25.42
R3 (Range Resistance – Sell) – $25.44
R4 (Long Breakout) – $25.53
R5 (Breakout Target 1) – $25.62
R6 (Breakout Target 2) – $25.66

S1 – $25.33
S2 – $25.31
S3 (Range Support – Buy) – $25.28
S4 (Short Breakout) – $25.20
S5 (Breakout Target 1) – $25.10
S6 (Breakout Target 2) – $25.06

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

Central Pivot Point – $25.43
R1 – $25.66
R2 – $26.13
R3 – $26.36
R4 – $26.60

S1 – $24.96
S2 – $24.73
S3 – $24.26
S4 – $23.80