Looking at the technical picture of the TechnipFMC Plc stock (EPA: FTI), we can see that the share price continues to balance above a short-term upside support line taken from the low of October 29th. However, throughout the whole of November and the beginning of December, the share price was struggling to stay above the 200-day EMA and to overcome the 8.35 barrier, marked by the high of December 7th. For now, we will take a cautiously bullish approach.
If, eventually, the stock gets a boost and climbs above the previously mentioned 8.35 zone, this will confirm a forthcoming higher high, potentially opening the door for a move to the next possible resistance area, at 9.33. That area is marked by the highest point of June, which may provide a temporary hold-up. That said, if FTI remains under buying interest, a break of that 9.33 hurdle could clear the path to the 11.23 level, which is the low of March 6th.
The RSI and the MACD, although currently flat, still remain in positive territories. The RSI is above 50 and the MACD is above zero and is fractionally above its trigger line. This shows stable upside speed of the price, which comes in line with the above-discussed idea.
Alternatively, if the share price breaks the aforementioned upside line and then slides below the 7.04 hurdle, marked by the low of December 2nd, that could spook new buyers from entering any time soon. FTI might then drop to the 6.26 obstacle, or to the 5.73 zone, which is the low of November 13th. If there is still no interest from the buyers even at that price, the stock may drift to the 5.38 level, marked by the inside swing high of November 3rd.
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