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

By Nick Russo

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 $56.87 and $57.25 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.

There is potential upside of 22.7% for shares of Baker Hughes based on a current price of $57.07 and an average consensus analyst price target of $70.00. The stock should find initial support at its 200-day moving average (MA) of $48.79 and further support at its 50-day MA of $44.68.

In the past 52 weeks, Baker Hughes share prices have been bracketed by a low of $37.58 and a high of $70.45 and are now at $57.07, 52% above that low price. The 200-day and 50-day moving averages have moved 0.56% lower and 0.56% higher over the past week, respectively.

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.

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