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Is BHI Bottoming?
The enclosed big picture of Baker Hughes Incorporated (BHI) shows the development of a large, rounded-bottom formation since October 2011, and more particularly, a powerful up-trend pattern since the June 6, 2012, low at 37.08.
Let's notice the series of higher-highs and higher-lows off of the June low, into the September 14 high at 50.97, which created a support line that cuts across the price axis at 46.25 today.
Weakness during the last 6 sessions represents a correction of the June-Sept upleg, which my near-term work argues is very nearly completed.
As long as BHI holds 46.25 on a closing basis, the larger pattern suggests a new upleg should be approaching quickly.
