Baker Hughes ( BKR) , the oilfield services company, has emerged from a large base pattern and looks poised for further gains. Let's check out the charts and indicators. 
In this daily bar chart of BKR, below, we can see that a rally began back in July but turned even stronger in recent months. BKR is trading above the rising 50-day moving average line as well as the rising 200-day line.
The On-Balance-Volume (OBV) line has been rising from April and has recently made new highs to confirm the new price highs. Trading volume has increased since September as oil prices have increased. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In this weekly Japanese candlestick chart of BKR, below, we can see how prices have broken out of a long base pattern with a neckline (not shown) along the $26-$27 level. BKR is above the rising 40-week moving average line. The trading volume has been strong on the neckline break and that is a good confirmation sign and foreshadows further gains.
The OBV line is bullish as is the MACD oscillator.
In this daily Point and Figure chart of BKR, below, we can see a potential upside price target of $46.
In this weekly Point and Figure chart of BKR, below, we used close only price data and a five box reversal filter. Here the software projects a price target in the $77 area.
Bottom line strategy: Traders should use available price weakness to go long BKR. Risk to $32 for now. $46 is our first target with $77 possible longer-term.
