After spending most of the last four years stuck in the red zone, oilfield equipment producer TechnipFMC (FTI) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since February of 2017. Yesterday, FTI moved up another 12 spots to 64th place and it is up 73 spots in the last month.
A major breakout is underway in TechnipFMC (FTI) shares. After selling off in the early part of the year, the shares spent most of 2020 stuck trading sideways and base building in the $5.00 to $10.00 range. Following a successful retest of the low end of that range in October, the shares have come under renewed accumulation with higher lows indicating increased support. Last week’s breakout over $10.00 completed the base and signaled the start of a new uptrend. Since then, the shares have continued to climb on increasing volumes, a sign of renewed investor interest.
Next potential upside resistance appears near $15.00 a round number where multiple measured moves converge with a previous trading range. Initial support moves up toward $10.50 from the $10.00 breakout point.
TechnipFMC (FTI) shares have been under renewed accumulation since October, completing a series of bullish Double Top breakouts. FTI recently broke out of a base clearing $10.00, and yesterday, it snapped a downtrend line to confirm the start of a new upward trend.
With the shares now approaching the $12.00 level next potential upside resistance appears near $12.95, then $14.25 based on horizontal counts, then the $15.00 round number and the $16.05 to $17.40 area, a previous trading range. Initial support appears near $11.00 based on a 3-box reversal.
With a bullish SMAX score of 9, FTI is exhibiting near-term strength against the asset classes.
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