Possible Bearish Inside Day Candle Pattern Detected for FMC Technologies (NYSE:FTI)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in FMC Technologies (NYSE:FTI) based on the price action in the company's shares. Today's price range of $28.84 and $29.26 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 FMC Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
In the past 52 weeks, FMC Technologies share prices have been bracketed by a low of $22.30 and a high of $44.28 and are now at $29.01, 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has slid 0.5%.
FMC Technologies, Inc. designs, manufactures, and services systems and products used in offshore, particularly deepwater, exploration and production of crude oil and natural gas. The Company also provides advanced handling and processing systems to industrial customers. FMC Technologies' subsea products include drilling and production systems, subsea tree systems, and fluid control systems.
FMC Technologies (NYSE:FTI) has potential upside of 30.6% based on a current price of $29.01 and analysts' consensus price target of $37.88. The stock should find resistance at its 200-day moving average (MA) of $29.88, as well as support at its 50-day MA of $27.46.
SmarTrend recommended that subscribers consider buying shares of FMC Technologies on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.88. Since that recommendation, shares of FMC Technologies have risen 13.3%. We continue to monitor FTI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle FMC Technologies