Argus Positive on Recent Trading in Baker Hughes (BHI); Highlights Potential Breakout Point

August 19, 2016 11:10 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

Argus is out with a technical call on Baker Hughes (NYSE: BHI).

The firm said today: The technical picture for the BHI stock is beginning to look more encouraging. On August 15, the shares broke above a double top that had been set at $49. They also broke above their bearish resistance line to turn the trend on the stock to positive.

We would expect BHI to see support at $44, which is just above the bullish support line and is our stop-loss. A move to $41 would represent a point-and-figure sell signal below the support line, and would be a final stop. We would expect the shares to see resistance near $58, which was a significant top last year and is where we would consider taking profits.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Technicals, Trader Talk

Related Entities

Argus

Add Your Comment