Baker Hughes: the decline slows, double bottom back in play
Baker Hughes climbs 2.3% as the double bottom holds ahead of earnings
Baker Hughes: the decline slows, double bottom back in play
Our view last week
Baker Hughes' Sell signal is now under management in its fourth week, with the short a little above 4% in profit. Last week's surprise 9.1% bounce, the sharpest since the decline began, had carried price back within a step of the Inversion Point; this week the rebound stalled and the stock gave back 2.8%, with sellers turning firmly dominant again. Price stays boxed between a cluster of moving averages near the 56 area and the 7-day high near the 59 area, still without a clear direction.
This week's summary
Baker Hughes closes the week up 2.3%, with the double bottom in the 53 area holding and buyers back in control of the tape. The sell signal, live for five weeks, is losing steam even as it stays technically in force: Baker Hughes stock stays boxed between the moving-average cluster in the 56 area and the recent high in the 58 area, with earnings due this week.
IQS Phase
64
ordinary
Signal Strength
8
decline fading out
Sizing
MINIMUM
Ranking
#119 / 141
US stocks
Trade P&L %
+1.99%
from signal to today
Rank position
ranks 119th among the 141 sell signals for US stocks in our ranking, with a signal strength of 8 out of 100.
Sector context
SectorIndustrial
Benchmark ETFXLI
Sector regimein positive regime
Performanceweekly +1.81% · monthly +1.36%
BKR belongs to the industrial sector (reference ETF XLI). The sector is classified in positive regime according to our weekly reading.
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