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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fluor (NYSE:FLR) based on the price action in the company's shares. Today's price range of $46.51 and $47.31 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 Fluor may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Fluor (NYSE:FLR) has potential upside of 18.5% based on a current price of $46.82 and analysts' consensus price target of $55.47. The stock should run into initial resistance at its 200-day moving average (MA) of $47.49 and subsequent resistance at its 50-day MA of $52.42.

Over the past year, Fluor has traded in a range of $39.48 to $60.62 and is now at $46.82, 19% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% 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 is monitoring the recent change of momentum in Fluor. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Fluor in search of a potential trend change.

Keywords: bullish inside day candle fluor

Ticker(s): FLR