BKR & ED: Keep an eye for multiyear breakoutBaker Hughes Company
The stock was earlier caught in a prolonged consolidation phase, during which it established an Inverted Head & Shoulder pattern.
After the breakout, the price experienced a sharp rise but underwent a correction following the formation of a Double Bottom pattern.
Subsequently, the stock entered another period of consolidation, gradually trending upwards.
During this time, an Ascending Triangle pattern formed, and the price has recently achieved a successful breakout.
If it maintains its position above the breakout level, the uptrend is expected to persist.
Consolidated Edison
In the weekly chart, the price initially moved downwards and created a Falling Wedge pattern.
Typically, when this pattern emerges, the price surges higher following the breakout.
In this case, the price indeed soared to its record high around the 102 mark post-breakout.
However, the stock couldn't sustain the upward momentum and swiftly dropped from the all-time peak.
Subsequently, a consolidation phase began, with the price consistently finding support at the 200 EMA.
At present, the price is poised for a breakout, potentially leading to an upward rally upon confirmation.
Bakerhughes
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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Bearish on BKR 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 level, I think the other bearish pattern will act dominantly however
Baker-Hughes - short - resistance hit - daily chartResistance 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.