Fluor Corp. (FLR) provides engineering, procurement, and construction services. The firm reported their latest quarterly figures Friday morning and the stock is getting bid up in early trading. Let's check out the charts and indicators.
In the daily bar chart of FLR, below, I can see that the shares have been moving up from a low made in May. Prices are trading above the rising 50-day moving average line and if Friday's early strength persists we should see FLR back above the 200-day line.
The trading volume has been more active since March. The On-Balance-Volume (OBV) line shows strength from June. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in positive territory.
In the weekly Japanese candlestick chart of FLR, below, I can see that the shares have been in a longer-term advance for at least the past three years. Prices are close to crossing back above the rising 40-week moving average line.
The weekly OBV line is showing renewed strength from June. The MACD oscillator has crossed to the upside for a cover shorts buy signal. An outright buy signal may be a few weeks away.
In this daily Point and Figure chart of FLR, below, I can see that the software is projecting a potential upside price target in the $38 area.
In this weekly Point and Figure chart of FLR, below, I can see the same $38 price target as the daily chart above.
Bottom-line strategy: Traders could go long FLR on a dip back towards $32 if available. Risk to $29.50. The $38 area is my price target for now.
