Puts Purchased on General Electric

Shares of General Electric GE are off by 0.57% today, currently trading $17.54. The company is also seeing some put buying as well, with the June $17 put being purchased over 12,500 times. Open interest on that strike is 66,635 contracts. General Electric has now broken through the 50-day moving average, which is a bearish sign. The stock seems primed to make a move lower to the 200-day around $17, before finding support.