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Shares of Forum Energy Tec Fall Below Previous 52-Week Low

By Nick Russo

Shares of Forum Energy Tec (NYSE:FET) traded at a new 52-week low today of $2.44. This new low was reached on below average trading volume as 124,000 shares traded hands, while the average 30-day volume is approximately 1 million shares.

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.

Forum Energy Tec share prices have moved between a 52-week high of $13.25 and the current low of $2.44 and are currently at $2.44 per share. The 200-day and 50-day moving averages have moved 2% lower and 4.56% lower over the past week, respectively.

Potential upside of 495.8% exists for Forum Energy Tec, based on a current level of $2.44 and analysts' average consensus price target of $14.54. The stock should find initial resistance at its 50-day moving average (MA) of $3.90 and further resistance at its 200-day MA of $5.78.

SmarTrend recommended that its subscribers protect gains by selling shares of Forum Energy Tec on May 20th, 2019 by issuing a Downtrend alert when the shares were trading at $5.17. Since that call, shares of Forum Energy Tec have fallen 51.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows forum energy tec

Ticker(s): FET