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 -...
I am bearish on BKR due to the formation of this scythe like pattern, when they form like this they often break down bearishly
Also I am quite bearish on the oil industry in general (for anyone that witnessed the oil drop to $0 barrel) and as the world heads towards more electrical vehicles
The only bullish redeeming quality is the double bottom on the 2.618 fib...
Resistance on the Baker-Hughes daily chart is hit.
Both MACD & RSI are both overbought so we go for a definite short as there is a good engulfing bearish red candle on the 4 hour chart for an entry reason.
Success & Good luck. Enjoy your trading day.
Comments always welcome.
