November 8, 2024

GE Aerospace Stock Could Bounce Off Bullish Trendlines

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The large 170-strike put level could act as a floor

Subscribers to Schaeffer’s Weekend Trader options recommendation service received this GE commentary on Sunday night, along with a detailed options trade recommendation — including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

Shares of GE Aerospace (NYSE:GE) recently cleared their 2005 and 2017 highs, and are pulling back to their 20-week and 126-day moving averages, both of which have led to outsized gains. Concerning the latter trendline, after 21 days from the last three signals the stock finished higher 67% of the time, averaging a 6.8% gain.

Finally, General Electric stock is trading near the last large 170-strike put level, which has the potential to act as a floor.

Our recommended January 17, 2025 call has a leverage ratio of 7.8, and will double on a 12.8% rise in the underlying security.

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