FLR pushes through Wednesday's high
Fluor Corporation (FLR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, FLR finished Thursday at 7.28 gaining $1.05 (16.85%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 6.45, the market confirmed its breakout through the prior session high after trading up to $0.87 above it intraday.
Daily Candlestick Chart (FLR as at Mar 26, 2020):
Thursday's trading range has been $1.19 (18.65%), that's slightly above the last trading month's daily average range of $1.03. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FLR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 19th, FLR actually lost -6.01% on the following trading day.
Fluor managed to close above the 20-day moving average at 7.20 for the first time since February 14th.
While the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Fluor. Out of 400 times, FLR closed higher 57.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after four trading days, showing a win rate of 53.25% with an average market move of 0.08%.