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Possible Bearish Inside Day Candle Pattern Detected for FMC Technologies (NYSE:FTI)

By Amy Schwartz

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 $28.74 and $29.09 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.

There is potential upside of 32.1% for shares of FMC Technologies based on a current price of $28.96 and an average consensus analyst price target of $38.28. The stock should hit resistance at its 200-day moving average (MA) of $29.88, as well as support at its 50-day MA of $27.46.

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.

Over the past year, FMC Technologies has traded in a range of $22.30 to $44.28 and is now at $28.96, 30% above that low. 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%.

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

Keywords: bearish inside day candle FMC Technologies

Ticker(s): FTI