FTI pushes through prior session high
TechnipFMC plc (FTI) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
FTI ended the week 4.95% higher at 30.13 after gaining $0.44 (1.48%) today. Today's closing price of 30.13 marks the highest close since September 4th. Closing above Thursday's high at 30.11, the share confirms its breakout through the prior session's high having traded $0.22 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (FTI as at Sep 14, 2018):
Friday's trading range was $0.54 (1.8%), that's slightly below last trading month's daily average range of $0.57. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 29.63 and 30.62 which it has been in now for the last three days.
Prices are trading close to a key support level at 29.66. Prices are trading close to the key resistance level at 30.65. After spiking up to 30.33 during the day, FMC Technologies found resistance at the 50-day moving average at 30.28.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 30.62 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 29.63 where further sell stops could get activated.