FTI finds buyers again around 29.66
TechnipFMC plc (FTI) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
FTI ended the week -0.13% lower at 30.10 after gaining $0.27 (0.91%) today, underperforming the S&P 500 (1.42%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (FTI as at Oct 12, 2018):
Friday's trading range has been $0.91 (2.98%), that's above the last trading month's daily average range of $0.73. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FTI.
One bearish candlestick pattern matches today's price action, the Black Candle.
After trading down to 29.66 earlier during the day, the stock bounced off the key technical support level at 29.81 (S1). The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key technical resistance level at 30.74 (R1). After having been unable to move lower than 29.64 in the prior session, the share found buyers again around the same price level today at 29.66. The last time this happened on October 3rd, FTI actually lost -1.80% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 29.64 where further sell stops could get activated.
Among the seven 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 Technologies. Out of 503 times, FTI closed higher 58.45% 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 52.88% with an average market move of 0.37%.