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

By Shiri Gupta

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 $50.79 and $51.06 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.

In the past 52 weeks, Flowserve Corp share prices have been bracketed by a low of $35.88 and a high of $56.86 and are now at $50.86, 42% 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 0.3%.

Flowserve Corp (NYSE:FLS) is currently priced 10.7% above its average consensus analyst price target of $45.42. Flowserve Corp shares have support at the 50-day moving average (MA) of $49.10 and additional support at the 200-day MA of $47.15.

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.

SmarTrend recommended that subscribers consider buying shares of Flowserve Corp on April 2nd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $46.71. Since that recommendation, shares of Flowserve Corp have risen 9.4%. We continue to monitor FLS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle flowserve corp

Ticker(s): FLS