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Interesting Technical Analysis finding for BAKER HUGHES CO (NASDAQ:BKR)

By Mill Chart

Last update: Aug 28, 2023

BAKER HUGHES CO (NASDAQ:BKR) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:BKR.

BKR Daily chart on 2023-08-28

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall BKR gets a technical rating of 8 out of 10. Both in the recent history as in the last year, BKR has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • The long and short term trends are both positive. This is looking good!
  • Looking at the yearly performance, BKR did better than 93% of all other stocks.
  • 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 part of the Energy Equipment & Services industry. There are 67 other stocks in this industry, BKR did better than 63% of them.
  • In the last month BKR has a been trading in a tight range between 34.53 and 36.48.

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

How does the Setup look 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 and the volatility has been reduced. There is a resistance zone just above the current price starting at 35.41. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.38, a Stop Loss order could be placed below this zone.

Trading breakout setups.

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Keep in mind

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.