NYSE:FTI may be ready to breakout.

Our stock screener has detected a potential breakout setup on TECHNIPFMC PLC (NYSE:FTI). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:FTI.

What is the technical picture of NYSE:FTI telling us.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall FTI gets a technical rating of 9 out of 10. Both in the recent history as in the last year, FTI has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, FTI did better than 93% of all other stocks. On top of that, FTI also shows a nice and consistent pattern of rising prices.
• FTI is part of the Energy Equipment & Services industry. There are 65 other stocks in this industry. FTI outperforms 84% of them.
• FTI is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month FTI has a been trading in the 25.21 - 27.30 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

Check the latest full technical report of FTI for a complete technical analysis.

How do we evaluate the setup for NYSE:FTI?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:FTI is 9:

FTI has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 26.93. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 26.02, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FTI in the last couple of days, which is a good sign.

Trading breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:FTI and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.