Baker Hughes Company’s (BKR) stock exhibited an uptick during intraday trading, reflecting an attempt to recover from recent losses. This move coincided with the alleviation of oversold conditions in the Relative Strength Index (RSI). Nevertheless, it occurred within the context of a prevailing short-term corrective wave, influenced by bearish pressures stemming from the 50-day Simple Moving Average (SMA).
As we assess the stock’s potential trajectory, market analysts anticipate a possible return to lower levels, with a focus on a support threshold at $32.40. This scenario is contingent on the stock’s ability to maintain resistance at $34.53.
Anticipated Market Trend for Today: Potentially Bearish