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NYSE:FTI Shows Potential for a Breakout.

By Mill Chart

Last update: Nov 13, 2023

We've identified TECHNIPFMC PLC (NYSE:FTI) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:FTI for further developments.

FTI Daily chart on 2023-11-13

Zooming in on the technicals.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various 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 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!
  • Looking at the yearly performance, FTI did better than 97% 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 66 other stocks in this industry. FTI outperforms 90% of them.
  • FTI is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so FTI is performing more or less in line with the market.
  • In the last month FTI has a been trading in the 19.89 - 22.78 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of FTI contains the most current technical analsysis.

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:FTI scores a 8 out of 10:

FTI has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 20.74, a Stop Loss order could be placed below this zone.

How to trade NYSE:FTI?

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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TECHNIPFMC PLC

NYSE:FTI (5/21/2024, 7:04:00 PM)

After market: 26.4 -0.19 (-0.71%)

26.59

-0.33 (-1.23%)

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