Above Resistance: FMC Technologies
Published on Wednesday, 16 January 2013 08:20 Written by TradersHuddle Wire
New York, January 16th (TradersHuddle.com) - Shares of FMC Technologies, Inc. (NYSE:FTI) closed the session at $46.00 just above calculated resistance at $43.97. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $40.39 and resistance at $43.97. Given that this range was broken, traders will be closely monitoring FMC's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that FMC Technologies is still near the broken resistance level, traders will be focusing on the $43.97 level to see if the stock holds the breakout without rolling over.
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