Baker Hughes Company - (BKR) - August 6, 2024 (Daily Stock Report)

by SIACharts.com

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 performers—such as NVIDIA, Booking Holdings, Constellation Energy, and Micron Technologies—have 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 stock’s 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.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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