FET trade ideas
FETHi guys, I am very new to trading. This is my first idea being published. Please tell me if it is wrong way of thinking.
Forum Energy Technologies Inc (FET) (drilling, downhole, subsea, completions and production sectors of the energy industry) broke out above 200 MA in November and grew 100% since.
It is currently at the resistance around 22.70. I am thinking if it gets some more volume and breaks out, it will go to $27, after that no resistance till $38.
Any feedback would be appreciated!
FET +40% Wedge Breakout Swing Opportunity on Daily ChartWe are now at the apex of a large wedge forming on FET since June '20. Breakout spot is over 0.62. Wait for high relative volume + confirmation of breakout.
Target 1: daily resistance at 0.72
Target 2: 200 ema on daily chart
Target 3: $1.00 major resistance
FET Updated upside targets Forum Energy Technologies, Inc. is a global oilfield products company. It operates through following segments: Drilling & Downhole; Completions; Production; and Corporate. The Drilling & Downhole segment designs and manufactures products; and provides related services to the drilling, energy subsea construction and services markets, and other markets. The Completions segment provides products and services to the well construction, completion, stimulation, and intervention markets. The Production segment designs, manufactures and supplies products and provides related equipment and services for production and infrastructure markets. The Corporate segment covers selling, general, and administrative expenses. The company was founded in 2005 and is headquartered in Houston, TX.
Forum Energy Technologies, Inc On Breakout Watch $FET
Sector has momentum and has potential for further movement higher Friday.
Stock is sitting below a pocket of limited resistance.
A break above the 50ma would be positive.
Forum Energy Technologies, Inc. is a global oilfield products company. It operates through following segments: Drilling & Downhole; Completions; Production; and Corporate. The Drilling & Downhole segment designs and manufactures products; and provides related services to the drilling, energy subsea construction and services markets, and other markets. The Completions segment provides products and services to the well construction, completion, stimulation, and intervention markets. The Production segment designs, manufactures and supplies products and provides related equipment and services for production and infrastructure markets. The Corporate segment covers selling, general, and administrative expenses. The company was founded in 2005 and is headquartered in Houston, TX.
Large Spike | Andrew AponasDisclaimer: thank you for taking your time to look at my idea please understand that I didn't publish it to influence your decision to invest your money and void myself of any responsibility towards your investments.
Note: I am simply trying to increase the coverage that the company may or may not have by publishing an optimistic guess I don't know anything about the company I am publishing the idea about, I haven't done any research on the company, I don't know what it's operations are, or if it's profitable.
Tip: Check WSJ.com or another professional service if your looking for something you can't find here.
Thank You, +AndrewAponas+
FET Buying OpportunityKeep an eye on FET. This could potentially be a well-paying stock in the future.
Daily Demand following the gap down. This could mean cheap shares for long-term holders.
Stop loss below the previous low and TP at gap fill into the supply zone.
Good luck to all and always use stops.