Leading global provider of integrated oilfield products and services, Baker Hughes Company (BKR) has recently surged into the Favored Green Zone of the SIA NASDAQ 100 Index report, climbing 36 spots in the past month to secure the #17 position. This rise comes as several usual top performersāsuch as NVIDIA, Booking Holdings, Constellation Energy, and Micron Technologiesāhave been challenged and displaced. After trading within a range of $28-$33 since the beginning of 2024, BKR shares have found support near the $30 level, reflecting fair market value. The green uptrend line on the candlestick chart, drawn from the 2020 low to recent levels, offers additional support at current price points. Despite a challenging market environment and a poorly timed breakout attempt from a triple top, the stockās performance remains strong. While trading volume has not been massive, there is a noticeable increase in investor interest, with the stock trading as high as $38 per share and appreciating 12% over the past year.
Turning to the point and figure chart, we observe an orderly trend line extending back several years. Over the past three years, BKR shares have traded within a $26-$36 range, with a recent triple top breakout pushing the stock up to $37 before a pullback. Current support for BKR is at $31.02, with solid support at the trendline around $28.09. Initial resistance is at the 3-box reversal level of $37.81, with further resistance at $39.33 (the previous high). Upside potential is seen at $44.30 and $50.88, based on vertical count projections and whole numbers. The stock boasts a perfect SMAX score of 10 out of 10, indicating strong short-term performance across all asset classes.
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