Earnings Play: Baker Hughes

Oil extraction
On Wednesday, before market, Baker Hughes (BKR) is anticipated to report second quarter LPS of $0.01 compared to an EPS of $0.20 a year ago on revenue of approximately $4.7 vs. $6.0B last year. Baker Hughes is an oilfield services and equipment company and its current analyst consensus rating is 24 buys, 5 holds and 0 sells, according to Bloomberg.

Looking at a daily chart, Baker Hughes' stock price is breaking to the upside of a symmetrical triangle pattern that price has been bouncing within since early-June. The breakout from the upper trend line in the symmetrical triangle pattern indicates the start of a new bullish trend. The RSI is currently above its 50 level and rising. The blue dotted arrows represent a measured move using the peak and trough of the triangle pattern. Price will likely advance towards the $17.25 level, surpass it and grind upwards to retest the most recent high at $19.25. If price cannot hold above the upper trend line, then it will probably fall back to the $14.00 support. Price could bounce off the $14.00 level and continue upwards, however if price breaks below $14.00, it could possibly drop back to $12.00.      



Source: GAIN Capital, TradingView
Related tags: Equities Oil earnings Trade

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar