General Electric shares fall for a second session in a row on Wednesday, company’s facility in Rochester to remain open

According to a statement by General Electric Company (GE) on Wednesday, the conglomerates facility in Rochester, New York, which assembles electronic boards, is to remain open for now, while all 100 employees based there are to be retained. In August, GE was reported to be considering the closure of that facility by June 2018 and the relocation of its operations to China.

General Electric shares closed lower for a second consecutive trading session on Wednesday. The stock edged down 0.29% ($0.05) to $17.38, after touching an intraday low at $17.31, or a price level not seen since December 21st 2011 ($17.15).

In the week ended on December 24th the shares of the industrial conglomerate lost 1.80% of their market value compared to a week ago, which marked the worst performance since the week ended on November 19th.

The stock has extended its loss to 4.98% so far during the current month, following a 9.28% slump in November. The latter has been a ninth consecutive month of losses.

For the entire past year, General Electric shares gained 1.44%. However, the stock has retreated 45.00% so far in 2017.

As a result of an “exhaustive review” of GE Power’s operations, “we have determined that, at this time, we are best able to serve our customers by keeping manufacturing and assembly operations for our industrial communications product line in Rochester”, General Electric said in an emailed statement, cited by Reuters.

It was earlier in December, when the company announced it would cut 12 000 job positions at its power unit, as it intended to save $1 billion in 2018 at that business.

According to CNN Money, the 14 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $19.50, with a high estimate of $28.00 and a low estimate of $15.00. The median estimate is a 12.20% surge compared to the closing price of $17.38 on December 27th.

The same media also reported that 8 out of 18 surveyed investment analysts had rated General Electric’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 3 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 – $17.41
R2 – $17.44
R3 (Range Resistance – Sell) – $17.47
R4 (Long Breakout) – $17.56
R5 (Breakout Target 1) – $17.66
R6 (Breakout Target 2) – $17.70

S1 – $17.35
S2 – $17.32
S3 (Range Support – Buy) – $17.29
S4 (Short Breakout) – $17.20
S5 (Breakout Target 1) – $17.10
S6 (Breakout Target 2) – $17.06

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

Central Pivot Point – $17.64
R1 – $17.91
R2 – $18.33
R3 – $18.60
R4 – $18.88

S1 – $17.22
S2 – $16.95
S3 – $16.53
S4 – $16.12