This Construction Play Nears Major Chart Support
InTheMoneyStocks.com | May 11, 2017 12:09PM ET
Leading construction and engineering company Fluor (NYSE:FLR) was another stock that tumbled after reporting earnings recently. On May 5, the construction company missed earnings forecasts and guided FY17 EPS below consensus. This does not seem like a stock that investors want to own right now, but the charts are painting a different picture.h3 Support/h3
Fluor is now trading into a very interesting support area. Aggressive traders and investors could actually nibble on the stock at its current price level, which is around $47.50 a share. Traders can use the current bottoming tail from May 5 as the stop loss. Any daily close below the tail low at $46.50 would trigger a stop loss in the trade. More conservative traders can look at the $44 area as the next level to go long (buy) the stock. This area would be a significant retrace level where the institutional money would likely step in and support the equity. Either way, FLR is now looking attractive for a long side trade according to the charts.
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