Baker Hughes (NYSE: BHI) Could Plunge in the Next Few Weeks

It takes a lot to turn a bear market around, but for oil services stocks it seemed that the requirements for such a move were starting to gel in May.
The PHLX Oil Service Sector Index (OSX) had just made a tentative breakout from a bottoming pattern that was a cross between a double-bottom and an inverted head-and-shoulders. It even moved above its 50-day moving average, which itself was rising.
Paradoxically, OSX ran out of fuel shortly thereafter. Momentum dried up and money started to flow back out of the sector once again. It took a while, but its slow fade finally negated any form of a breakout in early June by dipping back under its 50-day moving average and former breakout levels.  (more)

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