NASDAQ:BKR may be ready to breakout.

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.

Technical Analysis Observations

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Overall BKR gets a technical rating of 10 out of 10. 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.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that BKR is one of the better performing stocks in the market, outperforming 94% of all stocks. We also observe that the gains produced by BKR over the past year are nicely spread over this period.
• BKR is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so BKR is leading the market.
• BKR is an average performer in the Energy Equipment & Services industry, it outperforms 63% of 67 stocks in the same industry.
• In the last month BKR has a been trading in a tight range between 34.42 and 36.48.

Our latest full technical report of BKR contains the most current technical analsysis.

How do we evaluate the setup for NASDAQ:BKR?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:BKR has a 8 as its setup rating, indicating its current consolidation status.

BKR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 34.86, a Stop Loss order could be placed below this zone.

How can NASDAQ:BKR be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.