Agricultural sciences company FMC Corp. FMC is scheduled to report their latest quarterly numbers after the close of trading Tuesday. Let's check out the position of the charts and the indicators.
In this daily bar chart of FMC, below, I see a setup that looks weak. Prices have made twin peaks around $134 in December and late January. FMC is trading below the 50-day moving average line but above the declining 200-day line.
The trading volume has been uneven the past three months but the On-Balance-Volume (OBV) line has been in a decline for more than two months telling me that sellers of FMC have been more aggressive. The MACD oscillator has been weakening and is close to the zero line.
In this weekly Japanese candlestick chart of FMC, below, I see a picture that is vulnerable. Prices made highs around $140 in early 2022 and lower highs this year just above $130. FMC is above the 40-week moving average line but the slope of the line is negative.
The weekly OBV line appears to be rolling over the past three months. The MACD oscillator is above the zero line but has narrowed sharply and could soon cross to the downside.
In this daily Point and Figure chart of FMC, below, I can see a potential downside price target in the $117 area.
In this weekly Point and Figure chart of FMC, below, I can see the same $117 downside price objective as the daily chart above.
Bottom line strategy: I have no special knowledge of what FMC will tell shareholders this evening but the charts are weak looking and a correction to the $117 area or lower could play out in the days ahead.
