Is TECHNIPFMC PLC Ready to Break Out of Its Range?

A possible breakout setup was detected on TECHNIPFMC PLC (NYSE:FTI) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:FTI.

Deciphering the Technical Picture of NYSE:FTI

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Overall FTI gets a technical rating of 10 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 and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that FTI is one of the better performing stocks in the market, outperforming 95% of all stocks. We also observe that the gains produced by FTI over the past year are nicely spread over this period.
• FTI is one of the better performing stocks in the Energy Equipment & Services industry, it outperforms 87% of 65 stocks in the same industry.
• 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 25.20 - 27.30 range, which is quite wide. It is currently trading near the high of this range.

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

Why is NYSE:FTI a setup?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:FTI currently has a 9 as setup rating:

FTI has an excellent technical rating and 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 26.93. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 26.78, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade 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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

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.