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Possible Bearish Inside Day Candle Pattern Detected for Forum Energy Tec (NYSE:FET)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Forum Energy Tec (NYSE:FET) based on the price action in the company's shares. Today's price range of $5.71 and $5.71 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 Forum Energy Tec may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

There is potential upside of 154.6% for shares of Forum Energy Tec based on a current price of $5.71 and an average consensus analyst price target of $14.54. The stock should find initial resistance at its 50-day moving average (MA) of $5.74 and further resistance at its 200-day MA of $8.02.

In the past 52 weeks, shares of Forum Energy Tec have traded between a low of $3.51 and a high of $16.02 and are now at $5.71, which is 63% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.9%.

SmarTrend is tracking the current trend status for Forum Energy Tec and will alert subscribers who have FET in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle forum energy tec

Ticker(s): FET