FTI drops to lowest close since October 25, 2017
TechnipFMC plc (FTI) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FTI finished the week -3.21% lower at 25.65 after losing $0.35 (-1.35%) today, slightly underperforming the S&P 500 (-0.92%). Today's close at 25.65 marks the lowest recorded closing price since October 25, 2017.
Daily Candlestick Chart (FTI as at Nov 09, 2018):
Friday's trading range has been $0.78 (3.09%), that's slightly below the last trading month's daily average range of $0.80. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FTI.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on October 30th, FTI gained 0.54% on the following trading day.
Prices are trading close to the key technical support level at 25.36 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
2017's low at 24.53 is within reach and we could see further downside momentum should the market break out beyond.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for TechnipFMC plc. Out of 121 times, FTI closed higher 52.07% 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 64.46% with an average market move of 2.23%.