FTI stuck within tight trading range
TechnipFMC plc (FTI) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
FTI finished Monday at 32.36 edging lower $0.02 (-0.06%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (FTI as at Apr 16, 2018):
Monday's trading range was $0.66 (2.04%), that's below last trading month's daily average range of $0.88. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 32.02 and 32.68 which it has been in now for the last three days.
Prices are trading close to a key support level at 31.93. Prices are trading close to the key resistance level at 33.02. The market found buyers again today around 32.02 for the third trading day in a row after having found demand at 32.13 in the prior session and at 32.09 two days ago.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Trading close to February's high at 33.24 we could see further upside momentum if potential buy stops at the level get activated.