BAKER HUGHES CO (NASDAQ:BKR) showing some interesting technicals. Here's why.

Our stock screener has spotted BAKER HUGHES CO (NASDAQ:BKR) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:BKR.

Deciphering the Technical Picture of NASDAQ:BKR

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

Overall BKR gets a technical rating of 7 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, BKR is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• BKR is part of the Energy Equipment & Services industry. There are 60 other stocks in this industry. BKR outperforms 76% of them.
• BKR is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so BKR is lagging the market slightly.
• In the last month BKR has a been trading in the 35.92 - 38.30 range, which is quite wide. It is currently trading near the high of this range.
• When compared to the yearly performance of all other stocks, BKR outperforms 47% of them, which is more or less in line with the market.

Check the latest full technical report of BKR for a complete technical analysis.

How does the Setup look for NASDAQ:BKR

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:BKR exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, BKR also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 37.65, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NASDAQ:BKR

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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

Disclaimer

This article should in no way be interpreted as advice. 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.