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

By Amy Schwartz

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. Yesterday's price range of $46.44 and $47.31 is within the prior day'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 18.2% based on a current price of $46.93 and analysts' consensus price target of $55.47. The stock should find initial resistance at its 200-day moving average (MA) of $47.49 and further resistance at its 50-day MA of $52.42.

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 share prices have moved between a 52-week high of $60.62 and a 52-week low of $39.48 and closed yesterday at 19% above that low price at $46.93 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.3%.

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 am inside day candle fluor

Ticker(s): FLR