Tech. Analyst at WJB Calls General Electric (GE) Rally "Fake"
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Price: $369.00 -0.64%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.5%
EPS Growth %: +12.0%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.5%
EPS Growth %: +12.0%
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With shares trading up over 3.6 percent on the day, a technical analyst at WJB, John Roque, thinks that General Electric's (NYSE: GE) rally will fail as it is currently trading below its downward sloping 40 week moving average.
Mr. Roque calls the stocks move earlier this year a "fake breakout" as it popped above $21 per share. Since then shares have fall drastically and are currently trading at $15.97. Shares are up 6 percent on the week as the company announced plans to redeem $3.3 billion in Preferred Shares held by Berkshire Hathaway (NYSE: BRK-A). Mr. Roque states that shares may fall as much as 35 percent to $10.
Mr. Roque calls the stocks move earlier this year a "fake breakout" as it popped above $21 per share. Since then shares have fall drastically and are currently trading at $15.97. Shares are up 6 percent on the week as the company announced plans to redeem $3.3 billion in Preferred Shares held by Berkshire Hathaway (NYSE: BRK-A). Mr. Roque states that shares may fall as much as 35 percent to $10.
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