Trouble Ahead For Baker Hughes Intl (NYSE: BHI) Says Market Timer Frank Kollar
February 20, 2006 (By Frank Kollar)
Shares of baker Hughes Intl (NYSE: BHI) took a steep decline last week, gapping lower almost 10% on Thursday and then a fraction lower still on Friday. Can Baker Hughes recover from this steep decline? Or are lower lows ahead?
The sell off in Baker Hughes really started back in mid-December 2006. The current leg down not only has broken below support at the $66.00 level, but also is now right at a critical support at $65.00 a share.
Should Baker Hughes drop below $64.88 a share in coming days, we would expect prices to near the $61.00 level before the selling ends. If prices reverse here, we could advance from current levels. Odds favor lower prices though.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy currently has a position in Baker Hughes.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
© Copyright 1996-2007, Kollar Market Analytics, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
