FTI – Chart of the Week for December 13, 2023

by | Dec 13, 2023

It’s time for my Chart of the Week. Don’t sleep on these charts! Just because I give them to you free of charge does not mean they are worthless!

We’ve already had several of these hit their targets and others are still working in our favor.

 

This Week’s Chart

Chart of the week is FTI (TechnipFMC PLC)

FTI has a *Market Roadmap-style setup.

Remember, a Market Roadmap bounce is an up-trending stock that takes a pause and retraces back to the orange line on the chart that I have named the Roadmap Line (RML).

Once a stock finds support at the RML, then resumes the trend, a high-probability setup is formed when we cross above the 61.8% retrace level and through upside resistance.

If the price does not find support at the RML, the setup is invalidated — no trade.

For this current FTI setup, the super aggressive entry (aggressive because it might fail) would be on a sustained move through $19.25.

A normal, much more conservative entry would be on a sustained move through $21.50.

Consider stopping out or voiding the setup on a move below $17.50 area.

A conservative target is $22.75.

A normal target of $24 with around a 70% likelihood to be hit after price moves through the conservative $21.50 entry.

The aggressive target is $25.75, and a probability around 40% to get hit without a substantial retrace after we clear that $21.50 area.

The Chart

You can go check out my chart marked up with notes (entries, targets, etc) right here: https://www.tradingview.com/x/n2G7PDLj/

Good Luck!

— Jeffry Turnmire

PS> If you want more potential setups like this one every week, consider grabbing a subscription to my Market Roadmap program. Market Roadmap is my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab Market Roadmap for yourself — and get access to my private Discord channels, too  — just click here to pick it up for $5!
WRITTEN BY<br>Jeffry Turnmire

WRITTEN BY
Jeffry Turnmire

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