$FLR Flat Base – Ready to Breakout?
Updated
FLR has been basing now for 11 weeks and has been trying to get over that top area of resistance. One negative thing and probably the thing holding it back is the EPS have declined in the last 2 quarters. But sales have risen. I don’t expect this to be a barn burner, but a 10% move is a fair probability.
I had an alert set that triggered today (again) but I’m looking for 2 consecutive closes above that area before I open a position. It’s an axiom that the longer the base the bigger the break. Let’s see how long this takes to work or flop. Ideas, not investing / trading advice.
From FLUOR’s website:
Engineering, Procurement, Fabrication, Construction and Maintenance Services
A global execution platform in over 100 countries gives clients the confidence Fluor can deliver complex, logistically challenging projects anywhere in the world. With a workforce of 41,000 employees deployed globally and 24/7 project-execution capabilities,
I had an alert set that triggered today (again) but I’m looking for 2 consecutive closes above that area before I open a position. It’s an axiom that the longer the base the bigger the break. Let’s see how long this takes to work or flop. Ideas, not investing / trading advice.
From FLUOR’s website:
Engineering, Procurement, Fabrication, Construction and Maintenance Services
A global execution platform in over 100 countries gives clients the confidence Fluor can deliver complex, logistically challenging projects anywhere in the world. With a workforce of 41,000 employees deployed globally and 24/7 project-execution capabilities,
Note
Opened a 1/4 size position @ 36.60. I'll place my stop with a close under the 21 ema. (green line) I did state above I was looking for 2 consecutive closes over the area of resistance and it has not done that yet. I will not add to the position unless or until it does that. Looks like a good RR here for position size.
Trade closed manually
This went green to red on me so I closed for a small loss... Back on the watch list.
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I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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