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Possible Bearish Inside Day Candle Pattern Detected for Baker Hughes (NYSE:BHI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Baker Hughes (NYSE:BHI) based on the price action in the company's shares. Today's price range of $46.42 and $47.70 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Baker Hughes may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Baker Hughes have traded between a low of $37.58 and a high of $70.45 and are now at $46.81, which is 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.6%.

Baker Hughes Incorporated supplies reservoir-centered products, services, and systems to the worldwide oil and gas industry. The Company provides products and services for oil and gas exploration, drilling, completion, and production. Baker Hughes also manufactures and markets a variety of roller cutter bits and fixed cutter diamond bits.

Baker Hughes has overhead space with shares priced $46.81, or 31.6% below the average consensus analyst price target of $68.43. The stock should hit resistance at its 200-day moving average (MA) of $48.79, as well as support at its 50-day MA of $44.68.

SmarTrend is tracking the current trend status for Baker Hughes and will alert subscribers who have BHI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Baker Hughes

Ticker(s): BHI