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Possible Bullish Inside Day Candle Pattern Detected for Flowserve Corp (NYSE:FLS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Flowserve Corp (NYSE:FLS) based on the price action in the company's shares. Yesterday's price range of $42.61 and $43.31 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 Flowserve Corp 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 Corp has traded in a range of $35.88 to $55.42 and closed yesterday at $43.09, 20% above that low. The 200-day and 50-day moving averages have moved 0.16% higher and 1.07% lower over the past week, respectively.

Flowserve Corp has overhead space with shares priced $43.09, or 5.1% below the average consensus analyst price target of $45.42. The stock should run into initial resistance at its 50-day moving average (MA) of $44.62 and subsequent resistance at its 200-day MA of $46.36.

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 tracking the current trend status for Flowserve Corp and will alert subscribers who have FLS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle flowserve corp

Ticker(s): FLS