General Electric shares have slid nearly 17 percent this year as the stock's stunning decline continues, and some market participants see further downside looming.
GE fell Wednesday for a second straight session, trading below key benchmark technical indicators and failing to break above $15 per share. The stock opened lower the session prior after a report late last week that the company was exploring selling its industrial gas engine business.
The stock is a no-touch at this juncture, said Ari Wald, head of technical analysis at Oppenheimer.
"The falling knife continues here," Wald said Tuesday on CNBC's "Trading Nation," pointing to bearish technical trends.
"This is a very strong market; there's no need to be trying to time bottoms for a bearish trend like GE," Wald said. "When it comes down to it, it's a very simple equation for me. Bearish trend equals stocks to sell and stay away from; GE's got a bearish trend."
It appears General Electric could find support around $13.75 per share, marking its lows from 2010, Wald said.
General Electric said Wednesday it would not relinquish its holdings in its Baker Hughes unit, which it acquired last year.
A value investor may find an opportunity in General Electric, said Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, though the stock appears on shaky ground. The company late last year, in a historic move, slashed its dividend in half.
"I think if you're a value investor, with maybe a five-year timespan, a quarter position here — just if they play all their cards right and have a vertical take-off at this point — might be an interesting position. But I think it could go down to as low as 2008 lows before it bottoms out. So it could be a long, terrible grind, which is why if you're going to put a position into it, it would have to be a tiny piece; I would never go all in at this point," Schlossberg said Tuesday on "Trading Nation."
General Electric shares fell more than 1 percent Wednesday.
