• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Flotek Inds (NYSE:FTK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Flotek Inds (NYSE:FTK) based on the price action in the company's shares. Yesterday's price range of $2.04 and $2.13 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Flotek Inds may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 148.8% for shares of Flotek Inds based on a current price of $2.06 and an average consensus analyst price target of $5.12. The stock should find initial resistance at its 200-day moving average (MA) of $2.69 and further resistance at its 50-day MA of $3.04.

In the past 52 weeks, Flotek Inds share prices have been bracketed by a low of $0.95 and a high of $4.01 and closed yesterday at $2.06, 117% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.8% while the 200-day MA has remained constant.

Flotek Industries, Inc. manufactures and markets downhole equipment and specialty chemicals. The Company also engineers, designs, and constructs equipment for cementing and stimulation. Flotek serves major and independent companies in the international oilfield service industry.

SmarTrend recommended that its subscribers protect gains by selling shares of Flotek Inds on August 5th, 2019 by issuing a Downtrend alert when the shares were trading at $2.85. Since that call, shares of Flotek Inds have fallen 24.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle flotek inds

Ticker(s): FTK