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General Electric is currently trading at 10.24-higher by 13.22% as compared to the previous closing. In Pre-market trading on Wednesday, the stock was trading higher by 9.15%. The stock has continued gaining after the opening bell.
General Electric reported its Q3 earnings before the market opened on Wednesday. The company reported adjusted EPS of 15 cents, 4 cents above the market estimates. Revenue of $ 23.36 billion was, however, below the market expectation of $22.93 billion. The conglomerate posted better-than-expected earnings due to higher prices for aircraft parts and strong healthcare business.
General Electric also vowed to deliver $1 billion more cash in 2019 than it had previously forecast. General Electric said the industrial free cash flow totaled $650 million. The conglomerate also increased its 2019 forecast for industrial free cash flow to a range of flat to $2 billion.
On the technical front, the RSI is currently at 72.25% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 10.14 TAKE PROFIT AT 10.26 STOP LOSS AT 10.08