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Possible Bearish Inside Day Candle Pattern Detected for Flowserve Corp (NYSE:FLS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Flowserve Corp (NYSE:FLS) based on the price action in the company's shares. Yesterday's price range of $40.55 and $41.59 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Flowserve Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment throughout the world. The Company provides pumps, valves, and mechanical seals primarily for the refinery and pipeline segments of the petroleum, chemical processing, power generation, and water treatment industries.

Flowserve Corp has overhead space with shares priced $41.63, or 8.3% below the average consensus analyst price target of $45.42. The stock should find initial resistance at its 50-day moving average (MA) of $44.11 and further resistance at its 200-day MA of $45.95.

Over the past year, Flowserve Corp has traded in a range of $35.88 to $56.86 and closed yesterday at $41.63, 16% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.1%.

SmarTrend is monitoring the recent change of momentum in Flowserve Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Flowserve Corp in search of a potential trend change.

Keywords: bearish am inside day candle flowserve corp

Ticker(s): FLS