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'No relief in sight' for ex-Dow stock GE as it tumbles to nine-year lows, says technician

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Trading Nation: GE hits nine-year lows

General Electric hasn't seen these levels since Wall Street was in crisis.

Its shares tumbled more than 3 percent on Monday to fall below $12. Its latest sell-off brought it to its lowest level since July 2009 when the S&P 500, was still trying to climb out of the pit created by the financial crisis.

One technician does not see much hope for GE.

"There's no relief in sight," Ari Wald, head of technical analysis at Oppenheimer, told CNBC's "Trading Nation " on Monday. "The stock has been on our sell list for over a year and a half now and we see no reason to take it off."

GE shares have tanked 33 percent this year, adding to a 45 percent drop in 2017. Its share price has been cut in half since hitting a 52-week high last September.

"GE has been in a very clearly defined falling channel through this period over the last couple years, now more recently breaking lower once again," Wald said. "The big level I'm watching is $8.50. This is the stock's 2009 low."

The one-time Dow component has not traded at its monthly low of $8.50 since March 2009. It would need to decline another 27 percent to reach that level.

It's "really amazing to talk about that level when you consider the S&P 500 is up about 300 percent over the same period. Talk about underperformance. Stay away," warned Wald.

Gina Sanchez, CEO of Chantico Global, says the company has a lot working against it.

"There are a lot of known negatives," Sanchez said on "Trading Nation" on Monday. "In addition to unfunded pension liability, the lack of cash flow, the legacy insurance business that's just been losing money, you have now this turbine issue that's affecting their power business."

Its shares have been in free fall since late last week after the company idled several electric power units in Texas over blade issues. Since Wednesday's close, it has dropped 9 percent.

"It's challenging. I think right now it's trading at option value," said Sanchez.