FMC runs into sellers around 80.94 for the third day in a row
FMC Corporation (FMC) Technical Analysis Report for Apr 16, 2018
Moving higher for the 3rd day in a row, FMC ended Monday at 80.62 edging higher $0.29 (0.36%) on low volume. Today's closing price of 80.62 marks the highest close since March 19th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $1.17 (1.45%), that's far below last trading month's daily average range of $2.05. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 79.51 and 80.94 which it has been in now for the last three days.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.
After trading as low as 79.77 during the day, the share bounced off the key support level at 80.39. The failure to close below the support might increase that levels importance as support going forward. The market ran into sellers again today around 80.94 for the third trading day in a row after having found sellers at 80.78 in the previous session and at 80.93 two days ago.
Though the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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