Check out what Baker Hughes ($BKR) and some other O&G stocks are doing these days. It’s all good! – September 6, 2023
BKR TDW WFRD COP FANG XLK
Dan Fitzpatrick here with Fitz in Five. Baker Hughes ( NASDAQ: BKR ), all the oil and gas equipment and services, exploration and production. These stocks are so strong that you have got to be paying attention.
The price of oil is moving higher because of supply cuts, voluntary supply cuts by big oil-producing countries who don’t like us very much. So that is bad for us, good for them. But it is good for us if we are in the right stocks.
So Baker Hughes ( NASDAQ: BKR ) is one that I am looking at. Though, I have got to tell you this, Tidewater ( NYSE: TDW ) is a monster stock. I am loving Tidewater ( NYSE: TDW ), there are so many stocks. But I just want to look at Baker Hughes ( NASDAQ: BKR ) because of the pattern here.
By the way, so many of these stocks have the same pattern. Note the similarity in patterns here. Weatherford ( NASDAQ: WFRD ) had a big pop yesterday and a drop today. We got just about all of it back. They are being added to the Russell 4000 later this month.
ConocoPhillips ( NYSE: COP ) has crappy fundamentals but you can’t argue with that. Again, look at the pattern ( NASDAQ: FANG ) here, it is the same. Oceaneering International ( NYSE: OII ). When you see patterns like this, they’re gold.
You see this kind of thing, this is a big move, a pullback, really choppy, choppier than I would like. But then you get this, note how the Bollinger Bands are sliding together. Then you get a higher volume move here, it didn’t do much.
And then then the next day we are up here holding above the upper band, boom. If that was not your buy signal, then you weren’t open to receiving buy signals, and so now the stock is a bit higher. I look at this and I just see continuing moves higher. If you are going to buy it here you are a little bit late. I would say, just make sure you have got a proper use of stops.
Baker Hughes ( NASDAQ: BKR ) is the same thing, the same pattern. All of these are good, just pick one, or pick 2 or 3. Have small positions in each of them; just know this is where the money is going.
Right now, tech ( NYSEARCA: XLK ), money is kind of going out of there. It is not being sold hand over fist, but money is going out of tech, and it is going into stocks like this ( NASDAQ: BKR ).
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