The question on everyone's mind: Will BAKER HUGHES CO breakout?

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.

What is the technical picture of NASDAQ:BKR telling us.

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.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, BKR did better than 92% of all other 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 however is also trading near new highs, which makes the performance in line with the market.
• BKR is part of the Energy Equipment & Services industry. There are 67 other stocks in this industry, BKR did better than 60% 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.

Why is NASDAQ:BKR a setup?

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.

Trading breakout setups.

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.

Disclaimer

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.