FTI closes above its opening price after recovering from early selling pressure

TechnipFMC plc (FTI) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team


FTI closes above its opening price after recovering from early selling pressure
FTI closes lower for the 2nd day in a row
FTI still stuck within tight trading range
FTI closes within previous day's range after lackluster session


Moving lower for the 2nd day in a row, FTI finished the week 10.58% higher at 7.21 after edging lower $0.05 (-0.69%) today, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading up to $0.28 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, FTI actually lost -6.81% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (FTI as at May 22, 2020):

Daily technical analysis candlestick chart for TechnipFMC plc (FTI) as at May 22, 2020

Friday's trading range has been $0.38 (5.32%), that's below the last trading month's daily average range of $0.50. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FTI. Prices continued to consolidate within a tight trading range between 6.86 and 7.62 where it has been caught now for the whole last trading week.

One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.

Prices are trading close to the key technical resistance level at 7.41 (R1).

TechnipFMC plc shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying might speed up should prices move above the close-by swing high at 7.62 where further buy stops could get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed 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. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.76% with an average market move of 0.67%.

Market Conditions for FTI as at May 22, 2020

Loading Market Conditions for FTI (TechnipFMC plc)...
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