FMC closes higher for the 2nd day in a row
FMC Corporation (FMC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FMC ended the month 1.23% higher at 99.62 after gaining $2.31 (2.37%) today, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 98.08, the share confirmed its breakout through the previous session high after trading up to $2.54 above it intraday.
Daily Candlestick Chart (FMC as at Jun 30, 2020):
Tuesday's trading range has been $3.96 (4.09%), that's above the last trading month's daily average range of $3.14. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FMC.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on June 25th, FMC actually lost -2.56% on the following trading day.
After spiking up to 100.62 during the day, the stock found resistance at the 20-day moving average at 99.91. The market found buyers again today around 96.66 for the third trading day in a row after having found demand at 96.37 in the prior session and at 96.34 two days ago.
FMC shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 102.09 where further buy stops might get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for FMC. Out of 57 times, FMC closed higher 56.14% 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 64.91% with an average market move of 2.33%.