Baker Hughes extends gains - Analysis - 25-05-2022

Baker Hughes' stock (BKR) rose in the intraday levels amid the dominance of the main upward trend in the medium and short terms, buoyed by trading above the 50-day SMA, and marking a profit of 1.60%, or 57 cents, and settling at 36.28, with trading volumes nearing 8 million, below 10-day averages of 9.5 million, even as the RSI reached overbought levels.

Therefore we expect more gains for the stock, targeting the pivotal resistance of 38.40, provided the support of 32.95 holds on.

Baker Hughes is a major oil fields services company, providing vital data and information on rigs, new discoveries, and production. 

Expected trend for today: Bullish