BHGE unable to break through key resistance level

Baker Hughes, a GE Company (BHGE) Technical Analysis Report for Apr 16, 2018

Highlights

BHGE closes above its opening price after recovering from early selling pressure
BHGE unable to break through key resistance level
BHGE finds support at 200-day moving average
BHGE closes higher for the 5th day in a row
BHGE ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 5th day in a row, BHGE finished Monday at 32.84 gaining $0.27 (0.83%) on low volume. Today's closing price of 32.84 marks the highest close since January 24th. Trading up to $0.61 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for BHGE

Volatility

Monday's trading range was $0.95 (2.92%), that's slightly below last trading month's daily average range of $1.12. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.

Support/Resistance

Unable to break through the key technical resistance level at 32.89, the stock closed below it after spiking as high as 32.93 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 31.87 in the prior session, Baker Hughes, found buyers again around the same price level today at 31.98. After trading as low as 31.98 during the day, the market found support at the 200-day moving average at 32.44.

Trend

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

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Baker Hughes, a GE Company

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Latest Report:

BHGE pushes through prior session high

Sep 18, 2018
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