Baker Hughes (NYSE:BHI) watches the oil sector closely. It services a ton of offshore oil rigs with parts analytics and what not. So they know what's going on. They also put out a count of active rigs on a weekly basis. That count fell off a cliff, recently, but has started to slow as of their last measure. Perhaps a right sizing has occurred.
But perhaps more interesting is what's going on with Baker Hughes' stock price. The chart below shows the price action since October 2014. A few things stand out.
First, notice the falling trend resistance. It has been in place since mid November. Touching it for the third time, it is from a series of higher lows. But it is also stalling about the same distance above the 200-day SMA each time. That's what I find most interesting. From early 2013, the price had been above the 200-day SMA, except for a few minor breaks underneath. And when it was above it, the price moved from around 45 to 75. It likes to go higher when above the 200-day SMA.
So the key seems to be a hold above the 200-day SMA. Could this be the time it does so? The momentum indicators are on board. Both are bullish and rising. A move over the February high at 65 would give the stock a good kick.