Baker Hughes Company (BKR) moved lower in recent intraday trading as negative signals continued to emerge from momentum indicators. The stock has broken below a short-term ascending trendline, signaling a clear intention to extend its current bearish corrective wave. Downward pressure remains in place as the stock continues to trade below its 50-day Simple Moving Average (SMA), reducing the likelihood of a full recovery in the near term.
Accordingly, our outlook remains negative for the stock's upcoming trading sessions as long as it remains below the $65.00 resistance level. Under this scenario, the next downside target is seen at the $59.20 support level.
Today's price forecast: Bearish.
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