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Possible Bearish Inside Day Candle Pattern Detected for Fluor Corp (NYSE:FLR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fluor Corp (NYSE:FLR) based on the price action in the company's shares. Today's price range of $31.90 and $31.97 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 Fluor Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 75.8% exists for Fluor Corp, based on a current level of $31.90 and analysts' average consensus price target of $56.08. Fluor Corp shares should first meet resistance at the 50-day moving average (MA) of $32.82 and find additional resistance at the 200-day MA of $39.82.

Fluor Corporation is a professional services company. The Company provides engineering, procurement, construction, and maintenance, as well as project management services on a global basis. Fluor also provides outsourcing of maintenance services and asset operations, equipment rental and sales, business support services, and other services.

Fluor Corp share prices have moved between a 52-week high of $60.60 and a 52-week low of $27.69 and are now trading 15% above that low price at $31.90 per share. The 200-day and 50-day moving averages have moved 1.34% lower and 2.17% lower over the past week, respectively.

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

Keywords: bearish inside day candle fluor corp

Ticker(s): FLR