Baker Hughes Company (BKR US)

Baker Hughes is a multinational energy technology company that operates in the oil and gas industry. The company offers a wide range of services, including reservoir evaluation, drilling services, formation evaluation, well construction, artificial lift systems, and digital solutions for oilfield operations.

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Technically, the price is showing a constructive pattern as it continues to merge within the boundaries of a rising wedge, marked by prolonged support and resistance (see the black converging trendlines as well as the insert). This converging price structure indicates a period of consolidation within an overall uptrend, where the stock is respecting higher lows and encountering gradually higher resistance levels.

The stock is in the accumulation phase of the Wyckoff Price Cycle - typically representing a period where informed investors or institutions quietly build positions following a downtrend or correction. Additionally, the stock is approaching its 200-day simple moving average (SMA), signalling a bullish price trend.

Upside price momentum according to the Moving Average Convergence Divergence (MACD) indicator as well as the recent sideways trajectory of the On-balance volume (OBV) indicator, provides further support to our bullish view.

Technical analysis The MACD chart shows a significant bullish crossover on 24 June, where the MACD line crossed above the signal line near the zero line, a classic indication of strengthening upward momentum.