Friday, November 20, 2015

Fluor Corporation (NYSE: FLR)

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, and project management services worldwide. The company operates in five segments: Oil & Gas, Industrial & Infrastructure, Government, Global Services, and Power. The company also offers unionized management and construction services in the United States and Canada. Fluor Corporation was founded in 1912 and is headquartered in Irving, Texas.
Take a look at the 1-year chart of Fluor (NYSE: FLR) below with my added notations:

FLR has formed a relatively clear up-channel chart pattern over the last 2 months. A channel is simply formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to channels, remember that any (3) points can start the channel, but a 4th point or more confirms it. You can see that FLR has 5 different points of channel resistance (red) or support (green).

The Tale of the Tape: FLR has formed an up-channel. A long trade could be entered on a pullback down to the channel support, which currently sits near $47. Short opportunities would be on rallies up to channel resistance or on a break of channel support.

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