Baker Hughes Company (BKR) stock declined in its latest intraday trading after the key resistance level of $49.40 held firm, forcing the stock to retreat and turn its early gains into losses by the end of the session. It is now attempting to gain positive momentum that could help it break through that resistance, supported by ongoing dynamic strength from trading above the previous 50-day SMA and the appearance of positive signals from the relative strength indicators. All this comes under the dominance of the main short-term bullish trend, with trading along an ascending line that supports this direction.
Therefore, we expect the stock to rise in its upcoming trading sessions, especially if it breaks above the mentioned resistance level of $49.40, targeting the next resistance level at $53.70.
Today’s stock forecast: Bullish.
Brent crude oil prices declined in their last intraday trading, amid the emergence of the negative signals on the relative strength indicators with the stability of the key resistance at $65.60, the price begins to look for a rising low to take it as a base that might help it to gain the required bullish momentum for its recovery, amid its affection by breaching main bearish trend line on the short-term basis, with the continuation of the dynamic support that is represented by its trading above EMA50, reinforced by the stability of the positive corrective track.
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The price of (crude oil) declined in its last intraday trading, due to the stability of the stubborn resistance level at $61.75, attempting to gain bullish momentum that might help to breach this resistance, amid the dominance of bullish corrective wave on the short-term basis, supported by its continuous trading above its EMA50, reinforcing the chances of the price recovery in the upcoming period, especially with the relative strength indicators reaching oversold levels, exaggeratedly compared to the price move, indicating the beginning of forming bullish divergence.
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The price of (silver) declined during its last trading on the intraday basis, with the emergence of the negative signals on the relative strength indicators, after offloading its oversold conditions, opening the way for deepening its intraday losses, amid the continuation of the negative pressure that comes from its trading below EMA50, reinforcing the stability of the bearish corrective trend on the short-term basis.
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