Baker Hughes Incorporated supplies oilfield services, products,
technology, and systems to the oil and natural gas industry worldwide.
It offers drilling and evaluation products and services, including drill
bits for performance drilling, hole enlargement, and coring;
conventional and rotary steerable systems used to drill wells;
measurement-while-drilling and logging-while-drilling systems to perform
reservoir navigation services; drilling optimization services; tools
for coil tubing drilling and wellbore re-entry systems; coring drilling
systems; surface logging; emulsion and water-based drilling fluids
systems; and reservoir drill-in fluids, as well as fluids environmental
services. The company's drilling and evaluation products and services
also comprise wire line services, such as tools for open hole and cased
hole well logging to gather data to perform petro physical and
geophysical analysis; reservoir evaluation coring; casing perforation;
fluid characterization; production logging; well integrity testing; pipe
recovery; and seismic and micro seismic services.
To review Baker's stock, please take a look at the 1-year chart of
BHI (Baker Hughes Incorporated) below with my added notations:
Notice the rising wedge I have outlined on the chart of BHI. A rising
wedge price pattern is essentially a type of triangle formation in
which the stock (BHI) has formed an up trending resistance line (red)
and an up-trending support level (green). These two trend lines
converging on one another combine to form a rising wedge, which is
usually a terminal pattern. Confirmation of this pattern would occur if
the stock broke the up-trending support.
The Tale of the Tape: BHI has created a rising wedge
pattern, which should lead to a break lower. A short trade could be
entered on a break out of the bottom of the wedge, which currently sits
near $47.50. If a trader believes the stock has higher prices in it's
future, a long play could be made at that support with a stop placed
below that level.
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