Possible Bullish Inside Day Candle Pattern Detected for FMC (NYSE:FMC)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in FMC (NYSE:FMC) based on the price action in the company's shares. Today's price range of $46.06 and $46.96 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. Traders and investors interested in shares of FMC may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
FMC Corporation produces diverse chemical solutions, applications, and products. The Company's principal business segments are industrial chemicals, specialty chemicals, and agricultural products.
Based on a current price of $46.70, FMC is currently 8.3% above its average consensus analyst price target of $42.85. The stock should find initial support at its 50-day moving average (MA) of $40.68 and further support at its 200-day MA of $40.02.
Over the past year, FMC has traded in a range of $32.24 to $61.11 and is now at $46.70, 45% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.9%.
SmarTrend recommended that subscribers consider buying shares of FMC on April 19th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.00. Since that recommendation, shares of FMC have risen 12.2%. We continue to monitor FMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle