General Electric just plunged, and one chart watcher says the devil's in the details

Shares of General Electric just plunged to a fresh nine-year low, and one equity strategist says investors should take note of one particularly devilish level for the stock: $6.66.

GE tumbled as low as $8.15 on Friday after J.P. Morgan once again slashed its price target on the stock to $6 from $10 per share. The firm's analyst, Stephen Tusa, said the company's most recent quarterly earnings report was "worse than expected on almost all fronts."

Equity strategist Matt Maley of Miller Tabak told CNBC's "Trading Nation" on Friday that he was targeting a move down to $6.66, the stock's closing low in early March 2009, around the time of the S&P 500's bottom in the wake of the financial crisis.

"J.P. Morgan has a $6 target on it, I'm going to put a $6.66 target on the stock. It's a weird, weird coincidence. We all remember that the lows in 2009 on the S&P 500 was 666. Well the closing low in GE back then was also $6.66. That's kind of a weird coincidence, but the real reason I'm worried about this is with a stock like this, it's not a situation where the baby's being thrown out with the bath water," Maley said.

In other words, he thinks the sell-off may be warranted.

"Even though the stock is very oversold on a very near-term basis, if you look at its weekly [relative strength index chart], it's not as oversold as it was on two other occasions in the last 12 months. So I think it's a risk-reward situation, and I think it's got to go lower before you want to buy it," he said.

For Erin Gibbs, portfolio manager with S&P Investment Advisory Services, buying the stock is not worth considering even as if appears inexpensive.

"Right now we just don't see an end to the negative announcements. They've made five announcements this year regarding their restructuring that have been negative, and we just haven't see any stabilization," she said Friday on CNBC's "Trading Nation."

Gibbs said she's concerned for four reasons: the recent dividend cut to 1 cent, concerns surrounding the restructuring of its power business, ongoing investigations into the company's accounting practices and falling profit projections.

"For us, we just don't see that there's any reason to get in at this point until we see an end of negative news and declining earnings," Gibbs said.

General Electric shares closed lower by 6 percent on Friday, off session lows, at $8.58 per share.

GE told CNBC in a statement on Friday that "GE is a fundamentally strong company with a sound liquidity position."

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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