Will BAKER HUGHES CO breakout?

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.

Zooming in on the technicals.

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Taking everything into account, BKR scores 8 out of 10 in our technical rating. Although BKR is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• In the last month BKR has a been trading in the 30.43 - 34.32 range, which is quite wide. It is currently trading near the high of this range.
• When comparing the performance of all stocks over the past year, BKR turns out to be only a medium performer in the overall market: it outperformed 64% of all stocks.
• BKR is part of the Energy Equipment & Services industry. There are 66 other stocks in this industry, BKR did better than 47% of them.
• BKR is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so BKR is lagging the market.

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

How does the Setup look for NASDAQ:BKR

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:BKR is 8:

Besides having an excellent technical rating, BKR also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 33.97. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 33.59, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NASDAQ:BKR be traded?

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.