FTI misses to close above 20-day moving average
TechnipFMC plc (FTI) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FTI ended the week 2.62% higher at 17.26 after edging lower $0.10 (-0.58%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing below Thursday's low at 17.28, the stock confirmed its breakout through the previous session low after trading up to $0.10 below it intraday.
Daily Candlestick Chart (FTI as at Feb 14, 2020):
Friday's trading range has been $0.41 (2.34%), that's slightly below the last trading month's daily average range of $0.48. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FTI.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Notwithstanding a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Monday, FTI actually gained 7.01% on the following trading day.
After spiking up to 17.59 during the day, the share found resistance at the 20-day moving average at 17.52. After having been unable to move above 17.54 in the previous session, TechnipFMC plc ran into sellers again around the same price level today, failing to move higher than 17.59.
Although FTI is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Engulfing Candle" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for TechnipFMC plc. Out of 84 times, FTI closed higher 55.95% of the time on the next trading day after the market condition occurred.