FTI soars, gaining $0.51 (7.48%) within a single day on high volume

TechnipFMC plc (FTI) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team


FTI soars, gaining $0.51 (7.48%) within a single day on high volume
FTI pushes through key technical resistance level
FTI dominated by bulls lifting the market higher throughout the day
FTI fails to close above 20-day moving average
FTI closes higher for the 2nd day in a row


Moving higher for the 2nd day in a row, FTI finished Wednesday at 7.33 surging $0.51 (7.48%) on high volume, strongly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over three months. The last time we've seen such an unusually strong single-day gain on August 24th, FTI actually lost -1.89% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 7.01, TechnipFMC plc confirmed its breakout through the prior session high after trading up to $0.47 above it intraday.

Daily Candlestick Chart (FTI as at Sep 16, 2020):

Daily technical analysis candlestick chart for TechnipFMC plc (FTI) as at Sep 16, 2020

Wednesday's trading range has been $0.66 (9.58%), that's far above the last trading month's daily average range of $0.32. Weekly volatility is also higher, being slightly above 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 White Candle.

Buyers managed to take out the key technical resistance level at 7.01 (now S1), which is likely to act as support going forward. After spiking up to 7.48 during the day, the share found resistance at the 20-day moving average at 7.46.

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

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for TechnipFMC plc. Out of 113 times, FTI closed higher 53.10% 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 two trading days, showing a win rate of 53.10% with an average market move of 0.27%.

Market Conditions for FTI as at Sep 16, 2020

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