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Forum Energy Tec Looks to Continue to Trade Below its Annual-Low Share Price Today

By Nick Russo

Forum Energy Tec (NYSE:FET) traded at a new 52-week low today of $1.49. So far today approximately 134,000 shares have been exchanged, as compared to an average 30-day volume of 1.3 million shares.

Over the past year, Forum Energy Techas traded in a range of $1.49 to $12.80 and are now at $1.49. The 200-day and 50-day moving averages have moved 2.06% lower and 4.47% lower over the past week, respectively.

Potential upside of 875.7% exists for Forum Energy Tec, based on a current level of $1.49 and analysts' average consensus price target of $14.54. Forum Energy Tec shares should first meet resistance at the 50-day moving average (MA) of $2.87 and find additional resistance at the 200-day MA of $5.03.

Forum Energy Technologies Inc. manufactured technologies and applied products to the energy industry. The Company designs, manufactures, and provides products and related services to the drilling and intervention sectors, as well as to the subsea services, and construction sectors.

SmarTrend recommended that its subscribers protect gains by selling shares of Forum Energy Tec on May 20th, 2019 by issuing a Downtrend alert when the shares were trading at $5.17. Since that call, shares of Forum Energy Tec have fallen 69.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows forum energy tec

Ticker(s): FET