fbpx
QQQ
+ 0.00
299.94
+ 0%
DIA
+ 0.00
318.26
+ 0%
SPY
+ 0.00
381.72
+ 0%
TLT
+ 0.00
137.83
+ 0%
GLD
+ 0.00
157.49
+ 0%

FXCM Gives Back Two-Day Gain

by
January 13, 2016 11:07 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
FXCM Gives Back Two-Day Gain

FXCM Inc (NYSE: FXCM) shares are trading lower by $2.60 at $14.33 in Wednesday's session. The issue staged a two-day rally from Friday's close ($13.60) to end Tuesday's session at $16.93.

On Monday, the company announced a new partnership with a software developer for currency trading). That news sent the issue higher by nearly $2 and the issue had some follow through on Tuesday.

However, the issue found resistance in a familiar area. Tuesday's rally came to an abrupt halt at $18.50. That was one penny shy of its January 6 high ($18.50) and $0.30 of its December 31 high ($18.81). It still managed to end Tuesday's session higher by $0.38 at $16.93.

Related Link: FXCM Falls 15% Following Release Of Trading Metrics

Most of the gains have been erased by the company's recent report on customer volume. Although December retail customer volume was up 9 percent year-over-year to $323 billion, institutional customer volume plunged year-over-year 51 percent to $36 billion.

The disappointing report instigated a sharply lower open. It attempted to reach the lower end of Tuesday's range ($16), but was turned back at $15.70. It has come back down and has continued to make lows for the session. At this time, $14.28 stands as the current low.

If the decline continues, there are only minor support levels until Monday's low of $12.18.

It should be noted, the issue staged a mysterious rally from its December 15 close ($6.76) to reach an intra-day high 10 sessions later at $24.77. The intra-day gains did not hold and issue fell back to close at $18.48. The same area that provided resistance in Tuesday's session.


Related Articles

FXCM Down 11%, Lower For Third Day In A Row

FXCM Continues Lower: A Technical Look

Wild Ride In FXCM Continues

FXCM Continues To Rally