BHGE declines to lowest close since March 8th
Baker Hughes a GE company Class A (BHGE) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, BHGE ended Tuesday at 25.84 losing $0.11 (-0.42%), slightly underperforming the S&P 500 (0.05%). Today's close at 25.84 marks the lowest recorded closing price since March 8th. Closing below Monday's low at 25.92, the share confirmed its breakout through the prior session low after trading up to $0.31 below it intraday.
Daily Candlestick Chart (BHGE as at Apr 16, 2019):
Tuesday's trading range has been $0.53 (2.03%), that's below the last trading month's daily average range of $0.69. 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.
While the stock is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Further selling might move prices lower should the market test March's nearby low at 25.22.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Baker Hughes. Out of 85 times, BHGE closed higher 54.12% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.94% with an average market move of 0.93%.