FMC Technologies, Inc. : Bearish scenario preferred
Entry price | Target | Stop-loss | Potential |
---|
$53.09 |
$0 |
$54.2 |
+100% |
---|
The technical configuration suggests a correction in the short term of the FMC Technologies stock.
The technical configuration and fundamentals lead us to predict a consolidation phase, at least in the short term. The USD 53.3 resistance should play its full role and to stop the upward trend initiated in the short term. Therefore, to take advantage of this technical correction, a short position may be opened in the current area to target USD 50.7 (support and daily moving averages).
As a result, the most aggressive investors could take a short position in the current area but they need to set a stop loss above this resistance (USD 53.3) because the crossing of this level would invalidate our scenario. The main target will be the USD 50.65.
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