OptionsPlay DailyPlay

The bearish DailyPlay we chose for Friday July 22nd is Baker Hughes (BHI). BHI is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 0.23% move lower and it’s 1m and 6m trend turned bullish on 7/8 but has recently failed to break higher above its $70 resistance level.

Baker Hughes’s 1m and 6m trends turned bearish today and broke below its 50 day moving average and testing its $44 support level. With a technical score of 3 (out of 10), BHI looks positioned to continue this strong bearish trend lower.

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