FLR runs into sellers again around 11.35
Fluor Corporation (FLR) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FLR finished the month -15.65% lower at 10.19 after tanking $1.14 (-10.06%) today on high volume, strongly underperforming the S&P 500 (0.77%). This is the biggest single-day loss in over a month. Today's close at 10.19 marks the lowest recorded closing price since May 19th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 10.99, Fluor confirmed its breakout through the prior session low after trading up to $0.93 below it intraday.
Daily Candlestick Chart (FLR as at Jul 31, 2020):
Friday's trading range has been $1.29 (11.47%), that's far above the last trading month's daily average range of $0.53. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FLR.
One bearish candlestick pattern matches today's price action, the Black Candle.
After trading as low as 10.06 during the day, the share found support at the 100-day moving average at 10.11. The last time this happened on January 13th, FLR gained 8.28% on the following trading day. After having been unable to move above 11.43 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 11.35.
Crossing below the lower Bollinger Band for the first time since June 26th, prices have shown unusually strong downward momentum in the short-term. This might either indicate a potential selling climax after which prices could head back up towards the mean of the Bollinger Bands at 11.81 or signal the beginning of a strong momentum breakout leading to even lower prices.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the lower Bollinger Band" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Fluor. Out of 74 times, FLR closed higher 52.70% of the time on the next trading day after the market condition occurred.