A technical analysis of FLUOR CORP.

Our stockscreener has identified a possible breakout setup on FLUOR CORP (NYSE:FLR). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:FLR for potential opportunities.

Analyzing the Technical Aspects

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 7 out of 10 to FLR. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, FLR is only an average performer.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• FLR is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so FLR is performing more or less in line with the market.
• In the last month FLR has a been trading in the 34.33 - 38.87 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When comparing the yearly performance of all stocks, we notice that FLR is one of the better performing stocks in the market, outperforming 93% of all stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
• FLR is an average performer in the Construction & Engineering industry, it outperforms 69% of 37 stocks in the same industry.

For an up to date full technical analysis you can check the technical report of FLR

How do we evaluate the setup for NYSE:FLR?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:FLR scores a 8 out of 10:

FLR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 37.42. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.43, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:FLR?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.