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Looks like a pennant forming. Price target is 56.00, from the current 51.55 that's a decent 4.45 move. I'd probably only try to get about 4.00 of that. As always, pennants are fairly easy to trade. Price target is just the "pole" added to a low point in the pennant. With this one the pole isn't very long compared to the pennant, I considered making it longer so it would encompass that entire up move but that would be an improper measure. Still, I think this one could probably move higher than my price target fairly easily. The highest point on this chart is roughly 55.20 so I'll call that as possible resistance. A quick look at the weekly chart showed some constriction in the works but nothing that I would feel comfortable calling a trade. The high point on the weekly chart is the same as on the daily; 55.20. Some hypothetical trades below.
Entry: Now (51.55), 51.75 (On a breakout of the pennant which is fairly close to the current price, price might move to 50.75 before trying to breakout however)
TP: 55.00, 55.50 (Below the high, below the target, another option would be to hold for a bit more gain, I think this might be able to go to 60.00 so a TP of 58.00 or so could be good)
SL: 50.00, 48.70 (Under the pennant base or under the small gap circled)
I like the SL on this one, fairly tight. Holding to 58.00 is the riskier option with this trade. If it develops resistance after hitting 55.00 or before hitting 58.00 the best thing to do would be to end the trade.
If you have a stock you want analyzed leave it in the comments.
Do your own research before taking any position. I don't have a position in FTI nor will I be taking one in the next 72 hours.
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