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

August 19, 2016 11:10 AM EDT

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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.

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