FLS closes higher for the 2nd day in a row
Flowserve Corporation (FLS) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FLS ended the week -0.4% lower at 52.79 after surging $1.14 (2.21%) today, strongly outperforming the S&P 500 (0.46%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (FLS as at Jul 12, 2019):
Friday's trading range has been $1.24 (2.39%), that's far above the last trading month's daily average range of $0.88. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FLS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 28th, FLS gained 1.44% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 53.82 where further buy stops might get activated. With prices trading close to this year's high at 54.16, upside momentum could accelerate should the market be able to break out to new highs for the year. As prices are trading close to July's high at 53.98, upside momentum might speed up should the stock mark new highs for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Flowserve. Out of 305 times, FLS closed higher 53.77% 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 10 trading days, showing a win rate of 58.69% with an average market move of 0.57%.