By Mill Chart
Last update: Aug 31, 2023
Our stock screener has identified BAKER HUGHES CO (NASDAQ:BKR) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:BKR.
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 10 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.
Our latest full technical report of BKR contains the most current technical analsysis.
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 9 as its setup rating, indicating its current consolidation status.
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. There is a resistance zone just above the current price starting at 36.06. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.84, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.
A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.
More breakout setups can be found in our Breakout screener.
This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.
NASDAQ:BKR (5/9/2025, 10:36:09 AM)
36.49
+0.24 (+0.66%)
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