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

By Shiri Gupta

Forum Energy Tec (NYSE:FET) traded today at a new 52-week low of $9.64. This new low was reached on below average trading volume as 234,000 shares traded hands, while the average 30-day volume is approximately 870,000 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.

In the past 52 weeks, shares of Forum Energy Tec have traded between the current low of $9.64 and a high of $17.95 and are now at $9.68. The 200-day and 50-day moving averages have moved 0.46% lower and 0.68% lower over the past week, respectively.

Potential upside of 50.2% exists for Forum Energy Tec, based on a current level of $9.68 and analysts' average consensus price target of $14.54. The stock should run into initial resistance at its 50-day moving average (MA) of $11.44 and subsequent resistance at its 200-day MA of $12.86.

SmarTrend is tracking the current trend status for Forum Energy Tec and will alert subscribers who have FET in their portfolio or watchlist when shares have changed trend direction.

Keywords: 52 week high/lows forum energy tec

Ticker(s): FET