FTI – TechnipFMC plc
Oilfield services and equipment company corrects and breaks out to all-time highs.
FTI – TechnipFMC plc
Date: 27 July 2026
Sector: Energy / Oilfield Services & Equipment
Exchange: New York Stock Exchange
TradingView link: OIH – VanEck Oil Services ETF
XES – SPDR S&P Oil & Gas Equipment & Services ETF:
FTI 1M Candles
Opening/macro/sector context
For the macro backdrop, I am looking mainly at OIH and XES.
OIH gives us the broader oil services view, while XES sits closer to the oilfield services and equipment space.
It is also worth noting that XES already holds FTI at around 4%, while IEZ holds FTI at around 5%, so there is some overlap. Even so, these ETFs still give a useful read on the wider oil, gas, services and equipment backdrop.
Starting with OIH on the monthly timeframe, I have kept the chart clean and simple.
I am not usually one for trend lines, but in this case it helps highlight the bigger picture. The market has clearly been in a long-term downtrend, with the general direction of travel being southwards.
However, when we drop down to the weekly view, the picture becomes more interesting.
We can see a clear bottoming-out process after the March 2020 pandemic low. That was an extreme moment where travel, transport and oil demand were under huge pressure, but the sector still needed to function. Goods still had to move, energy still had to flow, and the economy still needed oil and logistics in some form.
After that low, OIH formed a higher low around $88 in September 2020.
From there, the ETF began to build a more constructive structure, with higher highs, triple bottoms, double bottoms, further legs higher, and repeated higher lows.
More recently, OIH formed a downward flag, bottomed again around $194.32, and then moved back to the upside.
Events in the Middle East, particularly around the US and Iran, added more upward pressure earlier this year. When those events appeared to calm down, the ETF pulled back, but it pulled back close to where the move had started around late February and early March.
There was a weekly structure break, no doubt. But since then, OIH has recovered strongly.
It now looks like the ETF may be attempting to break above the old descending trend line and push towards higher highs above the $458 area.
That level matters because it lines up with both the previous peak and the old trend line.
So the wider oil services backdrop looks like it has bottomed, recovered and may now be trying to push into a new bullish phase.
Crude oil itself can be fast and volatile, so for many traders and investors, ETFs and stocks offer a cleaner way to play the theme without needing to trade crude futures directly.
I have also marked a pink box on OIH where there has previously been a lot of price activity.
We are now approaching that area again, so I would not be surprised if the ETF needs time to digest or consolidate around this zone.
However, if price slices through that area cleanly, that would be a very strong buy signal.
It would suggest buyers are firmly in control, sellers are exhausted, and capital may be rotating back into the oil services space.
The next ETF to look at is XES.
XES holds around 4% in FTI, so there is some overlap, but it still gives a useful read across the oil, gas, services and equipment space.
The pattern is similar to OIH.
The trend line is not as clean here, so I have not drawn it, but the key area of previous price activity is clear and marked with the pink box.
If XES slices straight through this area, that would suggest the bulls are firmly in control.
If it consolidates, then this becomes a useful value area to watch.
A clean break from this zone, followed by a move towards $160 or the next U-shaped target around $175, would suggest the ETF is moving into its next value area.
Further potential targets sit around $249, $312 and $504.
The pink box matters because this is where buyers and sellers may battle.
The market may need time to move sideways before deciding whether to push higher.
Given the current backdrop, I think the odds favour consolidation or further upside over a major move lower.
The pullback after the war was announced as over was relatively modest, which suggests there may be underlying strength beyond the geopolitical headlines.
That matters for FTI because it is not a pure crude oil play.
FTI is a picks-and-shovels play within oil and gas, sitting on the infrastructure, services, equipment and piping side of the industry.
Long-term structure
Focusing now on the longer-term structure of FTI itself, I am starting with the monthly chart before drilling down to the daily.
On the monthly chart, we can see troughs around 2008, following the global financial crisis period.
From there, the stock accelerated all the way up towards to the $52 area.
After that, we saw a major correction all the way back down until FTI eventually hit a low around $3.30.
That marked the beginning of the lockdown period.
From there, through September 2022, the stock effectively moved sideways.
I have marked that period out with a pink box on the monthly chart.
During that time, FTI was moving between roughly $4.12 at the bottom of the box and $10.75 at the top.
Once the stock moved out of that range, the monthly chart shows a fantastic move higher.
It effectively went from the bottom left to the top right, which is exactly the kind of structure a technical analyst wants to see.
There were no yellow candles during that move.
We did see periods of grey and sideways consolidation, but never a meaningful break in structure.
The stock continued to move upwards with very positive structure.
Now we are at a similar area near the top, around $77.
FTI pulled back towards the bottom of the current pink box around $63.44, then pushed back up strongly and engulfed the previous three candles, moving back up towards $76.75.
That is a very constructive higher-timeframe move.
Lower timeframe / recent structure
When we drill down into the daily chart and look at the more recent lower timeframe structure, we can see that same pink box more clearly.
FTI came right back down to the bottom of the box and touched approximately four times.
After that, the stock moved higher, pulled back, created a higher low, and then pushed up again.
What we want to see now is a firm break of this box.
FTI has been moving sideways for approximately four months, from around 16 March 2026 to 20 July 2026.
That is a healthy period of consolidation after the rapid move higher that came before it.
Now that the stock has consolidated for around four months, and considering the wider ETF backdrop in OIH, XES and IEZ, I like the idea that, on the balance of probabilities, FTI can continue to move higher and break out to further all-time highs.
Interesting Pattern/structure
One important point to note is the white vertical line, which marks the first trading day after the current Middle East conflict began.
The market naturally pulled back as an initial reaction and double-bottomed around $60.66.
What is interesting is that, from there, FTI moved back up into the pink box and never broke that $60.66 structure. The closest it came was around $63.
For me, that confirms $60.66 is an important support area.
The fact that FTI held that zone, pushed higher, and then formed a higher low on the next pullback is a bullish signal.
This is clearest on the weekly timeframe.
It suggests that, despite the stop-start nature of the conflict and the headlines around it, the longer-term trend in this stock and the wider oil services sector remains upward.
The war may simply have interrupted a broader structural move that was already underway in crude oil, resources and oilfield services.
On the balance of probabilities, this adds to the bullish case for FTI moving higher.
Entry trigger:
For the entry trigger, I am sticking with the usual two rules.
Usual entry trigger is one of two things:
Three clean closes above the last breakout of the pink box.
A breakout of the pink box, followed by a pullback to touch the top of the box, and then a move higher.
Initial stop loss:
Last 4-hour swing low.
Multi-timeframe correlation:
3M: Blue candle
1M: Blue candle
1W: Blue Candle
1D: Blue candle
4H: Blue candle
When should I tighten the stop-loss?
Tighten the stop loss as new 4-hour swing lows form and the stock continues to move higher.
If FTI breaks out cleanly above the current pink box and starts moving towards the daily targets, each fresh higher low can be used as a new level to protect the trade.
When do I add to the position?
The best way to add to the position is on a pullback from a yellow-to-blue candle, or from a grey-to-blue candle, as price starts to move back up and attempts to break out again.
For FTI specifically, the cleaner add would be either a confirmed break above the current box followed by a pullback, or the next 4-hour grey-to-blue candle while the higher-low structure remains intact.
Potential target range:
$91 – $97
That represents approximately 18% to 27% upside from the current area.
Activated price targets:
Not specified
Am I in this trade?
No
Current R multiple:
0R