Is FLUOR CORP Ready to Break Out of Its Range?

Our stock screener has spotted FLUOR CORP (NYSE:FLR) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:FLR.

Technical Analysis Observations

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall FLR gets a technical rating of 10 out of 10. Both in the recent history as in the last year, FLR has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that FLR is one of the better performing stocks in the market, outperforming 83% of all stocks. We also observe that the gains produced by FLR over the past year are nicely spread over this period.
• FLR is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so FLR is lagging the market slightly.
• FLR is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• FLR is an average performer in the Construction & Engineering industry, it outperforms 52% of 43 stocks in the same industry.

Our latest full technical report of FLR contains the most current technical analsysis.

How does the Setup look for NYSE:FLR

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:FLR currently has a 9 as setup rating:

FLR has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 52.27, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:FLR?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

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

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.