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Flowserve Set to Possibly Pullback After Yesterday's Rally of 3.45%

By David Diaz

Flowserve (NYSE:FLS) traded in a range yesterday that spanned from a low of $42.97 to a high of $44.47. Yesterday, the shares gained 3.4%, which took the trading range above the 3-day high of $44.22 on volume of 1.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Flowserve share prices have moved between a 52-week high of $58.01 and a 52-week low of $33.86 and are now trading 30% above that low price at $44.15 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Flowserve on September 27th, 2016 by issuing a Downtrend alert when the shares were trading at $45.31. Since that call, shares of Flowserve have fallen 5.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders flowserve

Ticker(s): FLS