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

By James Quinn

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 $28.84 and $29.02 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.

Over the past year, FMC Technologies has traded in a range of $22.30 to $44.28 and is now at $28.84, 29% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.3%.

FMC Technologies (NYSE:FTI) has potential upside of 32.7% based on a current price of $28.84 and analysts' consensus price target of $38.28. FMC Technologies shares should encounter resistance at the 200-day moving average (MA) of $29.88 and support at the 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.

SmarTrend recommended that its subscribers protect gains by selling shares of FMC Technologies on April 27th, 2017 by issuing a Downtrend alert when the shares were trading at $30.19. Since that call, shares of FMC Technologies have fallen 3.7%. 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