We last covered FMC (FMC) on Oct. 13 in the piece, "FMC: Finding a Bottom." Our conclusion was that we would anticipate more sideways price action in FMC. Some sideways price action could precede a better markup in the months ahead, we thought. FMC traded sideways over the past two weeks, but it had a strong rally yesterday.
This chart of FMC, above, is good for a short-term update. FMC rallied above its 50-day Simple Moving Average. The On Balance Volume (OBV) is picking up. With this improvement in the technical outlook, we could see FMC rally towards $45 and then form a higher-level base pattern.