Possible Bullish Inside Day Candle Pattern Detected for Flowserve (NYSE:FLS)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Flowserve (NYSE:FLS) based on the price action in the company's shares. Today's price range of $43.35 and $44.13 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. Traders and investors interested in shares of Flowserve may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Over the past year, Flowserve has traded in a range of $33.86 to $58.01 and is now at $43.48, 28% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.
Potential upside of 17.2% exists for Flowserve, based on a current level of $43.48 and analysts' average consensus price target of $50.94. The stock should find initial resistance at its 200-day moving average (MA) of $43.50 and further resistance at its 50-day MA of $44.76.
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 is monitoring the recent change of momentum in Flowserve. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Flowserve in search of a potential trend change.
Keywords: bullish inside day candle flowserve