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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in FMC Technologies (NYSE:FTI) based on the price action in the company's shares. Today's price range of $24.89 and $25.21 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 Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 51.2% for shares of FMC Technologies based on a current price of $25.05 and an average consensus analyst price target of $37.88. The stock should find initial resistance at its 50-day moving average (MA) of $27.46 and further resistance at its 200-day MA of $29.88.

In the past 52 weeks, shares of FMC Technologies have traded between a low of $22.30 and a high of $44.28 and are now at $25.05, which is 12% 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.

SmarTrend recommended that its subscribers protect gains by selling shares of FMC Technologies on May 20th, 2016 by issuing a Downtrend alert when the shares were trading at $27.04. Since that call, shares of FMC Technologies have fallen 9.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle FMC Technologies

Ticker(s): FTI