BAKER HUGHES Don't be fooled by this +10% move today.

The Baker Hughes Company (BKR) has risen by +9.84% so far from its previous close but technically this post earnings euphoria should be short-lived. The long-term chart of the 1W time-frame speaks by itself.

The stock is being rejected on a Lower Highs trend-line since June 2008. The latest rejection (March 2022) is basically repeating the pattern of July - October 2011. If the price currently gets contained below the 1W MA50 (blue trend-line), then as per the 2011/12 fractal, we should see a new multi-month downtrend towards the 0.786 Fibonacci retracement level and then consider a (slow) recovery back to the Lower Highs trend-line. Notice how even the 1W RSI sequences of the two fractals are identical.


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