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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. Today's price range of $44.32 and $44.69 is within yesterday'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 (NYSE:FLS) has potential upside of 2.5% based on a current price of $44.57 and analysts' consensus price target of $45.69. The stock should hit resistance at its 50-day moving average (MA) of $44.76, as well as support at its 200-day MA of $43.50.

In the past 52 weeks, shares of Flowserve Corp have traded between a low of $37.51 and a high of $52.10 and are now at $44.57, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

SmarTrend is tracking the current trend status for Flowserve Corp and will alert subscribers who have FLS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle flowserve corp

Ticker(s): FLS