FMC pushes through Wednesday's high
FMC Corporation (FMC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FMC ended Thursday at 80.21 gaining $6.55 (8.89%), notably outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 77.20, the market confirmed its breakout through the prior session high after trading up to $4.67 above it intraday.
Daily Candlestick Chart (FMC as at Mar 26, 2020):
Thursday's trading range has been $7.87 (10.46%), that's slightly above the last trading month's daily average range of $7.08. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for FMC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 19th, FMC actually lost -3.24% on the following trading day.
The share managed to close above the 20-day moving average at 80.17 for the first time since February 24th.
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for FMC. Out of 391 times, FMC closed higher 54.73% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.43% with an average market move of 1.37%.