FTI unable to break through key resistance level
TechnipFMC plc (FTI) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
FTI ended Wednesday at 22.70 gaining $0.09 (0.4%), slightly outperforming the S&P 500 (0.3%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (FTI as at Feb 13, 2019):
Wednesday's trading range has been $0.54 (2.39%), that's slightly below the last trading month's daily average range of $0.56. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for FTI.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on January 8th, FTI gained 2.64% on the following trading day.
Unable to break through the key technical resistance level at 22.90 (R1), the stock closed below it after spiking up to 23.04 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 22.09 where further sell stops might get triggered. With prices trading close to this year's high at 24.12, upside momentum could accelerate should the market be able to break out to new highs for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for TechnipFMC plc. Out of 232 times, FTI closed higher 50.86% 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 53.88% with an average market move of 0.24%.