FMC Technologies Is Near a Key Resistance Area

Published on Tuesday, 10 July 2012 08:20 Written by TradersHuddle Wire

New York, July 10th (TradersHuddle.com) - Shares of FMC Technologies, Inc. (NYSE:FTI) are trading very close to calculated resistance at $41.77. The stock ended the trading session at just $40.96, which is near levels that make it difficult to buy or start a position.

FMC Technologies, Inc. (NYSE:FTI) designs and manufactures systems and products used in deep water exploration and production of crude oil and natural gas. The Company also provides advanced handling and processing systems to industrial customers.

FMC's stock range is defined by its calculated support defined at $36.89 and by the resistance level at $41.77; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for FMC Technologies. However, as the stock pulls back towards $36.89 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $41.77 then traders will get an opportunity to enter the stock as it moves to a higher range.