The Dow Jones Industrial Average set an all-time intraday high of 23,172.83 on Wednesday, as General Electric  (GE - Get Report)  struggles to stay above its post-election low of $22.83 set on Oct. 12. In my opinion, GE is too cheap to ignore. I would start a long position pre-earnings.

The Dow 30 is up 17.2% year to date while GE is the biggest Dow loser, down 26.8% year to date.

Analysts expect General Electric to earn 50 cents a share in its third quarter, but guidance and the status of the dividend yield will key investor reaction to results.

As measured by its dividend yield of 4.33%, GE is the second-cheapest stock in the Dow 30. If the company maintains its dividend, GE will become a member of the "Dogs of the Dow" in 2018, assuming the stock remains a component of the Dow benchmark.

GE is the oldest Dow component, but Wall Street expects the stock to remain in the benchmark average. Some say GE will be a major force that will drive the Dow to 24,000.

Investors are also looking for top-level job cuts and other cost-cutting plans. Meanwhile, if General Electric Chairman & CEO, John Flannery explains how GE will become a leading industrial goods manufacturer, and this segment beats analysts' expectations, the stock belongs in your investment portfolio. 

The Weekly Chart for General Electric

Courtesy of MetaStock Xenith

The weekly chart for General Electric is negative but oversold with the stock below its five-week modified moving average (in red) at $24.12. The stock is also well below its 200-week simple moving average or "reversion to the mean" (in green) at $27.72.

The "reversion to the mean" is an investment theory that the price of a stock will eventually return to a longer-term simple moving average, and the 200-week is simple to track. A ticker trading above its "reversion to the mean" will eventually decline back to it on weakness. Similarly, a ticker trading below its "reversion to the mean" will eventually rebound to it on strength.

For GE, the 200-week simple moving average was a magnet between the week of May 19 and the week of June 16 when the average was $27.77.

The 12x3x3 weekly slow stochastic reading is projected to end this week at 15.23, well below the oversold threshold of 20.00.

Trading strategy: If you are a buyer of GE, do so pre-earnings with the stock below my monthly pivot (which acts as a magnet) of $23.97. The upside potential by the end of 2017 is my semiannual and annual risky levels of $29.69 and $32.68, respectively.

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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.