Weakening Dollar Providing Short-Term Opportunity In Oil

Tom Bowley
by Tom Bowley,
Co-founder and Chief Market Strategist, EarningsBeats.com

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

Tom Bowley
About The Author:

Tom was a CPA for 20 years before co-founding Earningsbeat.com. He also joined StockCharts for a stint, hosting SCTV’s flagship show “MarketWatchers LIVE,” providing viewers expert market commentary. Learn More 

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