BHGE closes higher for the 5th day in a row
Baker Hughes a GE company Class A (BHGE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, BHGE ended the week 8.24% higher at 27.85 after gaining $0.14 (0.51%) today on high volume, slightly outperforming the S&P 500 (0.5%). Today's close at 27.85 marks the highest recorded closing price since October 23, 2018. Closing above Thursday's high at 27.79, Baker Hughes confirmed its breakout through the prior session high after trading up to $0.24 above it intraday.
Daily Candlestick Chart (BHGE as at Mar 15, 2019):
Friday's trading range has been $0.47 (1.71%), that's below the last trading month's daily average range of $0.57. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BHGE.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 26.66.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Baker Hughes. Out of 565 times, BHGE closed lower 50.09% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.33% with an average market move of -0.05%.