GE Aerospace (GE)

[DiscoverGold]

GE's stock falls to erase all gains made after upbeat Q1 earnings produced a technical breakout
By: MarketWatch | May 23, 2019

Shares of General Electric Co. GE, -2.88% sank 2.9% in morning trade Thursday, putting them on track to erase all the gains made after the industrial conglomerate reported upbeat first-quarter results on April 30. GE's post-earnings high close was $10.50 on May 3. In the process, GE's stock has fallen back below both the 50-day moving average (short-term trend tracker) and the 200-day moving average (dividing line between longer-term uptrends and downtrends) for the first time since April 29. At an electrical products conference Wednesday, Chief Executive Larry Culp reiterated that fixing the struggles at its power business would not be easy, and remained a "multi-year" process. Meanwhile, the 50-DMA has turned lower, to $9.847 from $9.852 on Wednesday, indicates that the bullish "golden cross" pattern that was on track to appear as early as this week is now in doubt, as the 200-DMA slipped to $9.864 from $9.879 on Wednesday. Many chart watchers see a golden cross, when the 50-DMA crosses above the 200-DMA, as marking the spot that a shorter-term bounce graduates into a longer-term uptrend. The last time the 50-DMA was above the 200-DMA was March 6, 2017. GE's stock was still up 32.1% year to date, while the Dow Jones Industrial Average DJIA, -1.51% has gained 8.8%.

Read Full Story »»»

• DiscoverGold