December 13, 2011
Shares of Baker Hughes Inc. (NYSE: BHI) broke below a short term support level and are expected to reach lower lows in coming days.
On Monday, December 12, BHI closed below the November 25 closing correction low at $48.87.
The expectation is for a test of the October 4 lows in coming weeks.
We would recommend a short position for BHI with a buy stop around $50.20 a share.
If BHI reaches $43.00 intra-day in coming weeks we would likely take profits.
Fibtimer.com does not currently have a position in Baker Hughes.