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.

Please take a look at the 1-year chart of FLR (Flour Corporation) below with my added notations:

1-year chart of FLR (Flour Corporation)

FLR has held a very important level of support at $74 (blue) since October of last year. No matter what the market has done lately, FLR has not broken $74. Now the stock is approaching $74 again and that might provide another bounce higher. However, the stock’s recent creation of lower highs sure seems to imply an impending breakdown in the making.

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The Tale of the Tape: FLR has a key level of support at $74. A trader could enter a long position at $74 with a stop placed under the level. If the stock were to break below the support, a short position would be recommended instead.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

Christian Tharp, CMT

Follow me on Twitter: @cmtstockcoach

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