BHGE closes higher for the 3rd day in a row


Baker Hughes a GE company Class A (BHGE) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team

Highlights

BHGE finds buyers at key support level
BHGE closes higher for the 3rd day in a row
BHGE ends the day indecisive

Overview

Moving higher for the 3rd day in a row, BHGE finished the week -1.07% lower at 22.23 after gaining $0.43 (1.97%) today, outperforming the S&P 500 (1.09%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (BHGE as at Oct 11, 2019):

Daily technical analysis candlestick chart for Baker Hughes a GE company Class A (BHGE) as at Oct 11, 2019

Friday's trading range has been $0.55 (2.49%), that's below the last trading month's daily average range of $0.71. Weekly volatility is also lower, being below 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 Bullish Spinning Top.

After trading down to 21.94 earlier during the day, the stock bounced off the key technical support level at 21.96 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on October 3rd, BHGE actually lost -0.97% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying might speed up should prices move above the nearby swing high at 22.80 where further buy stops could get triggered. Further selling might move prices lower should the market test September's close-by low at 21.10.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for Baker Hughes. Out of 279 times, BHGE closed lower 50.18% 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 51.97% with an average market move of -0.41%.


Market Conditions for BHGE as at Oct 11, 2019

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