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Possible Bearish Inside Day Candle Pattern Detected for Technipfmc Plc (NYSE:FTI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Technipfmc Plc (NYSE:FTI) based on the price action in the company's shares. Yesterday's price range of $8.82 and $9.02 is within the prior day'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. Owners of Technipfmc Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Technipfmc Plc (NYSE:FTI) has potential upside of 250.8% based on a current price of $8.91 and analysts' consensus price target of $31.26. The stock should find initial resistance at its 50-day moving average (MA) of $9.31 and further resistance at its 200-day MA of $18.71.

Over the past year, Technipfmc Plc has traded in a range of $4.49 to $28.57 and closed yesterday at $8.91, 98% above that low. The 200-day and 50-day moving averages have moved 1.78% lower and 7.02% lower over the past week, respectively.

TechnipFMC plc provides oilfield services. The Company offers subsea, surface, onshore, and offshore solutions for oil and gas projects. TechnipFMC serves customers worldwide.

SmarTrend recommended that subscribers consider buying shares of Technipfmc Plc on March 23rd, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $6.92. Since that recommendation, shares of Technipfmc Plc have risen 34.1%. We continue to monitor FTI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle technipfmc plc

Ticker(s): FTI