FXCM Down 11%, Lower For Third Day In A Row
FXCM Inc (NYSE: FXCM) shares are trading lower by $1.70 at $15. It is trading lower for the third day in a row, losing over $5 from its December 29 close of $19.80. The following day, it ran intra-day to $24.77 before reversing and ending that session at $18.48.
The mysterious rally from its December 7 close ($8.77) baffled Wall Street — even the company's CEO who could not identify a reason for the unusual price action.
After a weak close in Thursday, FXCM barley got into Thursday's range (low of $16.32, today's high of $16.42) before turning lower.
So far, its has reached $14.07 and is attempting to reclaim the $15 handle. Based on the daily price, there may not be any major support until the series of lows at the $11.00 level. From December 21-28, it made five consecutive lows between $10.80 and $11.21.
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