Baker Hughes Bears Firmly in Control

bhi New York, April 10th (TradersHuddle.com) - Shares of Baker Hughes Incorporated (NYSE:BHI) booked a new 52 week low by trading below $40.2. Traders are definitely monitoring Baker Hughes' price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Baker Hughes Incorporated (NYSE:BHI) supply wellbore related products, and technology services and systems for drilling, formation evaluation, completion and production, and reservoir technology and consulting to the oil and natural gas industry worldwide. From the reservoir to the refinery the company creates value with high-performance products and services to analyze, drill, evaluate, complete and produce oil and gas reserves and then transport and refine the hydrocarbons.

Baker Hughes is currently trading -2.44% versus its previous trading session close, and it has calculated support and resistance at $40.20 and $42.84 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -1.52% from its previous trading close, which means that Baker Hughes stock is underperforming the overall market.

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