BKR & ED: Keep an eye for multiyear breakoutBaker Hughes Company
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.
