General Electric (GE) - Get Report has been an extremely frustrating long for months. Since the April high, shares have plunged over 20%, taking out multiple layers of solid support along the way. Earlier this month, GE fell to its eighth-straight lower monthly low as the stock entered its deepest oversold reading (weekly MACD) since late 2009. Will investors react positively to the recent news of job cuts? If yes, the stock is setting up as a very low-risk entry near current levels.

A fresh down leg began immediately after GE's latest earnings report on July 20. The stock opened the next session with a huge downside gap and has since been under steady although easing pressure. Earlier this month, shares hit new 2017 lows after piercing the July low. As GE drifted lower this week, volume has dried up, indicating the stock has become sold out. As August comes to a close, investors are beginning to show interest behind some positive news.

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If GE can continue to hold above $24.00 a low-risk entry opportunity will develop for patient investors. There is plenty of ground to recover once a rebound gets underway. More positive news from management could provide the jolt needed for a considerable recovery move.

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Long GE.