GE shares tumble, but technical analyst Bill Baruch says the stock may not be a buy until it dips to this level.
Shares tumbled more than 5% last week, caught up in a broad market sell-off and as GE bear Stephen Tusa of JPMorgan warned of weakness in its aviation unit. The stock is down more than 20% from a February peak., president at Blue Line Futures, says GE has been in an "ugly situation" for quite some time. However, he does see one level of support that could form a bottom to its decline.
"We're going to see some further pressure potentially," he said. "Where could you buy it? If you believe that the sum of its parts is worth more than this price here, … look back to 2009. You have a trend line in 2009 hitting that December low, that comes in around $6, $6.50 or so. So $6.50 is where you can look for the long term.
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