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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Flotek Industries (NYSE:FTK) based on the price action in the company's shares. Today's price range of $11.97 and $12.16 is within yesterday'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 Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Over the past year, Flotek Industries has traded in a range of $4.90 to $21.72 and is now at $12.02, 145% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.2% while the 200-day MA has slid 0.5%.

Flotek Industries (NYSE:FTK) has potential upside of 41.4% based on a current price of $12.02 and analysts' consensus price target of $17.00. The stock should hit resistance at its 200-day moving average (MA) of $12.35, as well as support at its 50-day MA of $7.92.

SmarTrend is tracking the current trend status for Flotek Industries and will alert subscribers who have FTK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle flotek industries

Ticker(s): FTK