By Mill Chart
Last update: Sep 18, 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 proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
Taking everything into account, BKR scores 10 out of 10 in our technical rating. 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.
For an up to date full technical analysis you can check the technical report of 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 35.54, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
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.
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.
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.
BAKER HUGHES CO
NASDAQ:BKR (9/21/2023, 7:00:00 PM)Premarket: 35.78 +0.72 (+2.05%)
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BAKER HUGHES CO (NASDAQ:BKR) Technical Analysis observations.
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