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Watch for Continued Losses in Shares of Forum Energy Tec (FET)

By Amy Schwartz

Shares of Forum Energy Tec (NYSE:FET) traded at a new 52-week low today of $12.10. Approximately 70,000 shares have changed hands today, as compared to an average 30-day volume of 992,000 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 has overhead space with shares priced $12.10, or 38.7% below the average consensus analyst price target of $19.73. The stock should run into initial resistance at its 200-day moving average (MA) of $13.19 and subsequent resistance at its 50-day MA of $13.59.

In the past 52 weeks, shares of Forum Energy Tec have traded between the current low of $12.10 and a high of $26.25 and are now at $12.10. The 200-day and 50-day moving averages have moved 0.09% lower and 4.17% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Forum Energy Tec on June 22nd, 2017 by issuing a Downtrend alert when the shares were trading at $15.03. Since that call, shares of Forum Energy Tec have fallen 18.8%. 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