FLS declines to lowest close since December 4, 2019
Flowserve Corporation (FLS) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FLS ended the week -1.38% lower at 46.41 after losing $0.55 (-1.17%) today on high volume, significantly underperforming the S&P 500 (0.18%). Today's close at 46.41 marks the lowest recorded closing price since December 4, 2019. Closing below Thursday's low at 46.87, Flowserve confirmed its breakout through the prior session low after trading up to $1.24 below it intraday.
Daily Candlestick Chart (FLS as at Feb 14, 2020):
Friday's trading range has been $1.45 (3.08%), that's above the last trading month's daily average range of $1.19. 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.
Prices broke below the key technical support level at 46.74 (now R1), which is likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Its common bearish interpretation has been confirmed for Flowserve. Out of 234 times, FLS closed lower 54.70% 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 four trading days, showing a win rate of 54.27% with an average market move of 0.12%.