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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fluor (NYSE:FLR) based on the price action in the company's shares. Today's price range of $54.90 and $55.48 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Fluor (NYSE:FLR) has potential upside of 0.7% based on a current price of $55.09 and analysts' consensus price target of $55.47. Fluor shares have support at the 50-day moving average (MA) of $51.42 and additional support at the 200-day MA of $47.37.

In the past 52 weeks, Fluor share prices have been bracketed by a low of $39.48 and a high of $61.36 and are now at $55.09, 40% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

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.

SmarTrend recommended that subscribers consider buying shares of Fluor on January 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.22. Since that recommendation, shares of Fluor have risen 25.6%. We continue to monitor FLR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle fluor

Ticker(s): FLR