The question on everyone's mind: Will TECHNIPFMC PLC breakout?

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.

Analyzing the Technical Aspects

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, FTI scores 8 out of 10 in our technical rating. In the last year, FTI was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the yearly performance of all stocks, we notice that FTI is one of the better performing stocks in the market, outperforming 83% of all 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 63 other stocks in this industry. FTI outperforms 82% 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 - 27.25 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.

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:FTI has a 10 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, FTI also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 26.84. 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.

How to trade NYSE:FTI?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation 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

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.