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Possible Bearish Inside Day Candle Pattern Detected for Technipfmc Plc (NYSE:FTI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Technipfmc Plc (NYSE:FTI) based on the price action in the company's shares. Yesterday's price range of $20.21 and $20.32 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 Technipfmc Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 54.4% exists for Technipfmc Plc, based on a current level of $20.25 and analysts' average consensus price target of $31.26. The stock should run into initial resistance at its 50-day moving average (MA) of $20.53 and subsequent resistance at its 200-day MA of $23.21.

In the past 52 weeks, shares of Technipfmc Plc have traded between a low of $18.20 and a high of $28.57 and closed yesterday at $20.25, which is 11% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 0.2%.

TechnipFMC plc provides oilfield services. The Company offers subsea, surface, onshore, and offshore solutions for oil and gas projects. TechnipFMC serves customers worldwide.

SmarTrend recommended that its subscribers protect gains by selling shares of Technipfmc Plc on October 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $22.97. Since that call, shares of Technipfmc Plc have fallen 11.4%. 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 technipfmc plc

Ticker(s): FTI