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.
