TECHNIPFMC PLC (NYSE:FTI) showing some interesting technicals. Here's why.

TECHNIPFMC PLC (NYSE:FTI) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:FTI.

Deciphering the Technical Picture of NYSE:FTI

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 8 out of 10 to FTI. In the last year, FTI was one of the better performers, but we do observe some doubts in the very recent evolution.

• 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 83% of all other stocks. We also observe that the gains produced by FTI over the past year are nicely spread over this period.
• FTI is part of the Energy Equipment & Services industry. There are 63 other stocks in this industry. FTI outperforms 83% of them.
• FTI is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so FTI is lagging the market slightly.
• In the last month FTI has a been trading in the 25.16 - 29.85 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.

For an up to date full technical analysis you can check the technical report of FTI

How does the Setup look for NYSE:FTI

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:FTI is 9:

Besides having an excellent technical rating, FTI also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 26.95. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 26.77, 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. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:FTI

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

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.