Baker Hughes Inc. (NYSE: BHI) — This large-cap oil well services company rose to a new high last week, hugging its 20-day moving average line in the face of selling in other oil-related sectors.
The oil well services sector is strong due to the need for global exploration to offset the possible reduction in the flow of crude oil from the Middle East. BHI is uniquely situated as one of the largest oilfield services companies, and S&P has a “four-star buy” on the stock.
Technically, last week’s break to new highs puts BHI in a strong position to rally to a resistance point at $80 within three to four weeks, making it one of this week’s best stock picks.
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