Our stock screener has spotted BAKER HUGHES CO (NASDAQ:BKR) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:BKR.
Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.
Taking everything into account, BKR scores 9 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, BKR is showing a nice and steady performance.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:BKR this score is currently 8:
Besides having an excellent technical rating, BKR also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 31.47. Right above this resistance zone may be a good entry point. Very recently a Pocket Pivot signal was observed. This is another positive sign.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
Of course, there are many ways to trade or not trade NASDAQ:BKR and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
More breakout setups can be found in our Breakout analyzer.
These energy and industrial stocks offer a blend of growth and value at an affordable price.
This eclectic mix of stocks will help diversify your portfolio.
Baker Hughes (BKR) sent oil and gas drilling equipment to Russia from Scotland after the Scottish government called on businesses in the country to stop trading with Russia, The Herald said
Memorandum of understanding sets groundwork for collaboration to decarbonize hard-to-abate industries including mining, steel and cementCollaboration to...
New solutions expand on Baker Hughes’ digital ecosystem, providing new levels of efficiency, performance and emissions reduction for oilfield, gas and...
If management can hit its restructuring goals and a long cycle of investment in the industry plays out, then this equipment and services company is set to benefit.
Stocks reacted well to uneven earnings and economic reports.
The energy boom is back, and oil-and-gas industry supplier NOV is capitalizing on the uptrend. The stock's January performance outpaced the broader industry.
HOUSTON and LONDON, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR) announced today that the Baker Hughes Board of Directors declared a cash...