Fluor Corp. (FLR) is a construction and engineering firm that has grabbed my attention because of the position of its charts and its rally from early July, so let's check in on Fluor.
In this daily bar chart of FLR, below, we can see that prices have rallied in the past 12 months -- not many stocks can say that. FLR is trading above the rising 50-day moving average line and above the rising 200-day line. The On-Balance-Volume (OBV) line has been in a decline from March and that is not a confidence builder. The Moving Average Convergence Divergence (MACD) oscillator has moved around the zero line the past year but is currently above it.
In this weekly Japanese candlestick chart of FLR, below, we can see an impressive rally the past two years plus. FLR is trading above the rising 40-week moving average line. The weekly OBV line shows us a more positive-looking picture than the daily chart. The MACD oscillator is bullish. A weekly close above $30 should refresh the uptrend.
In this daily Point and Figure chart of FLR, below, we can see a possible downside price target in the $26 area.
In this weekly Point and Figure chart of FLR, below, we used a five-box reversal filter. Here the chart suggests that the $39 area could be seen in the weeks ahead.
Bottom line strategy: The longer-term uptrend in FLR is impressive. Traders could go long at current levels and risk to $25 or go long on strength above $30. Our initial price target is $39.
