Industrial behemoth General Electric Co. (GE) was one of the biggest beneficiaries of infrastructure-driven "Trump Bump" following the election back in November. Shares charted more than 12% higher into the end of the year, besting the rest of the S&P 500 by a big margin.

But fast forward to 2017, and things look very different for GE's price trajectory.

Year-to-date General Electric has shed more than 23% of its market value, plummeting at the exact same time the rest of the broad market has been rallying higher.

It's a great example of a good company with an awful stock. Shares have been downright toxic to hold in your portfolio for the last nine months.

Importantly, GE's price action has been technically obedient. In other words, from a technical standpoint, the change in trend was noticeable in advance at the start of this year.

The problem for GE investors is that despite the selling we've seen so far this year, shares are still looking toxic this September. In fact, shares are testing a price level that's swatted GE's price tag lower the last four times it's been tested. To figure out what's happening in GE -- and when shares might finally turn back to buy-mode, we're pulling up the chart for a technical take on the price action:

You don't need to be a trading expert to figure out the price trajectory on GE's chart -- the downtrend is pretty easy to spot. But GE's downward move hasn't been uniformed. Shares accelerated their downtrend back in mid-June, and they've been stuck within a well-defined trend channel in the intervening months.

Simply put, that downtrending channel identified since June the high-probability range in which shares of GE should remain stuck. And now, as GE tests trendline resistance for the fifth time in that stretch, it makes sense to sell the next bounce lower.

Relative strength adds some confirmation that the downtrend in GE isn't likely over yet. That's because our relative strength gauge, down at the bottom of GE's chart, has been making its own series of lower highs for the last several months, statistically predisposing GE to underperformance in the near term.

If you're looking for a buying opportunity in this stock, the 50-day moving average is the level to watch. The 50-day has been a decent proxy for trendline resistance since July, paralleling the trend channel that's pushed this stock lower. If buyers can muster the strength to push GE back above the 50-day, it's a good signal that the downtrend is over and buyers are back in control of things.

Until then, caveat emptor.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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