Baker Hughes Company

Consolidated Edison
- The stock was earlier caught in a prolonged consolidation phase, during which it established an Inverted Head & Shoulder pattern.
- After the breakout, the price experienced a sharp rise but underwent a correction following the formation of a Double Bottom pattern.
- Subsequently, the stock entered another period of consolidation, gradually trending upwards.
- During this time, an Ascending Triangle pattern formed, and the price has recently achieved a successful breakout.
- If it maintains its position above the breakout level, the uptrend is expected to persist.
Consolidated Edison
- In the weekly chart, the price initially moved downwards and created a Falling Wedge pattern.
- Typically, when this pattern emerges, the price surges higher following the breakout.
- In this case, the price indeed soared to its record high around the 102 mark post-breakout.
- However, the stock couldn't sustain the upward momentum and swiftly dropped from the all-time peak.
- Subsequently, a consolidation phase began, with the price consistently finding support at the 200 EMA.
- At present, the price is poised for a breakout, potentially leading to an upward rally upon confirmation.
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