FMC Technologies (FTI) provides technology solutions for the energy sector. Much of the energy space has struggled for the last several months for a number of reasons, one of which has been the higher dollar. The rising greenback has provided a headwind for energy companies, but with the suddenly weak jobs report on Friday, the U.S. dollar has continued to correct. FTI seems to be in a solid technical position for a bounce as it's challenging multi-year price support after a rapid decline at a time when a long-term positive divergence has formed on its weekly chart. Check it out:
Note also that during 2015, the three highest weekly volume bars accompanied higher price action - a positive technical development as well.
Happy trading!
Tom
About the author:
Tom Bowley is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market.
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