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GENERAL ELECTRIC Q1 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs - Capital Street FX
GENERAL ELECTRIC Q1 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
General Electric is currently trading at 10.08-higher by 3.70% as compared to the previous closing. In Pre-market trading on Tuesday, the stock was trading higher by 5.96%. The stock has pared some of its earlier gains after the opening bell.
General Electric reported its Q1 earnings before the market opened on Tuesday. The company reported adjusted EPS of 14 cents, 5 cents above the market estimates. Revenue of $ 27.3 billion was also above the market expectation of $27 billion.
The conglomerate posted better-than-expected earnings as it works to simplify its business and turn around the company. General Electric said the industrial free cash flow was a negative $1.22 billion in the first quarter. The industrial free cash flow was, however, better than the negative $2.9 billion that the market was expecting.
The industrial giant left its 2019 guidance unchanged.
On the technical front, the RSI is currently at 63.43% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 36% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 10.02 TAKE PROFIT AT 10.26 STOP LOSS AT 9.90