FLS pushes through key resistance level
Flowserve Corporation (FLS) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
FLS ended Thursday at 44.10 gaining $0.77 (1.78%). Closing above Wednesday's high at 43.67, Flowserve Corporation confirms its breakout through the prior session's high having traded $0.72 above it intraday.
Daily Candlestick Chart (FLS as at May 17, 2018):
Thursday's trading range was $1.08 (2.49%), that's slightly below last trading month's daily average range of $1.34. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 42.73 and 44.39 which it has been in now for the last three days.
Breaking through the key resistance level at 44.06 today, it is now likely to act as support going forward.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already. The market managed to break above the 100-day moving average at 44.04 today for the first time since May 14th.
Selling might speed up should prices move below the close-by swing low at 42.73 where further sell stops could get activated. Further selling might move prices lower should the market test April's nearby low at 42.00.