Look for Shares of FMC Technologies to Potentially Rebound after Yesterday's 1.30% Sell Off
FMC Technologies (NYSE:FTI) traded in a range yesterday that spanned from a low of $31.00 to a high of $31.95. Yesterday, the shares fell 1.3%, which took the trading range below the 3-day low of $31.24 on volume of 1.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Over the past year, FMC Technologies has traded in a range of $22.30 to $44.28 and is now at $31.05, 39% 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%.
SmarTrend recommended that subscribers consider buying shares of FMC Technologies on August 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.96. Since that recommendation, shares of FMC Technologies have risen 16.6%. We continue to monitor FTI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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