FLR stuck within tight trading range


Fluor Corporation (FLR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

FLR stuck within tight trading range
FLR closes within previous day's range after lackluster session

Overview

FLR ended the week 18.64% higher at 10.82 after edging lower $0.09 (-0.82%) today on low volume, strongly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (FLR as at May 22, 2020):

Daily technical analysis candlestick chart for Fluor Corporation (FLR) as at May 22, 2020

Friday's trading range has been $0.49 (4.5%), that's far below the last trading month's daily average range of $0.90. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FLR. Prices continued to consolidate within a tight trading range between 10.54 and 11.35 where it has been caught now for the last three trading days.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on April 16th, FLR actually gained 14.01% on the following trading day.

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying could speed up should prices move above the nearby swing high at 11.35 where further buy stops might get activated. Further buying could move prices higher should the market test April's close-by high at 11.99.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for Fluor. Out of 746 times, FLR closed lower 50.54% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 49.46% with an average market move of -0.25%.


Market Conditions for FLR as at May 22, 2020

Loading Market Conditions for FLR (Fluor Corporation)...
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