FTI finds buyers again around 24.40
TechnipFMC plc (FTI) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
FTI finished Tuesday at 24.60 gaining $0.18 (0.74%), outperforming the S&P 500 (0.05%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FTI as at Apr 16, 2019):
Tuesday's trading range has been $0.36 (1.46%), that's far below the last trading month's daily average range of $0.59. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FTI.
One bullish candlestick pattern matches today's price action, the Tweezer Bottom.
Prices are trading close to the key technical resistance level at 24.81 (R1). After having been unable to move lower than 24.40 in the prior session, the share found buyers again around the same price level today at 24.40. The last time this happened on April 4th, FTI gained 4.18% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 25.10 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Bottom" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for TechnipFMC plc. Out of 10 times, FTI closed lower 60.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 70.00% with an average market move of -1.32%.