FMC closes within prior day's range
FMC Corporation (FMC) Technical Analysis Report for Jul 29, 2020 | by Techniquant Editorial Team
FMC finished Wednesday at 108.32 gaining $1.87 (1.76%), outperforming the S&P 500 (1.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (FMC as at Jul 29, 2020):
Wednesday's trading range has been $2.07 (1.94%), that's slightly below the last trading month's daily average range of $2.44. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FMC. Prices continued to consolidate within a tight trading range between 106.38 and 108.74 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, FMC actually lost -1.84% on the following trading day.
The stock ran into sellers again today around 108.58 for the third trading day in a row after having found sellers at 108.53 in the prior session and at 108.64 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 108.64 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 106.38 where further sell stops could get triggered. With prices trading close to this year's high at 108.77, upside momentum might accelerate should the share be able to break out to new highs for the year.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for FMC. Out of 592 times, FMC closed higher 53.38% 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 57.60% with an average market move of 1.03%.