Fluor Corp. FLR-N declined below a falling trend-line (dotted line) from US$60.60 in October, 2018, to US$16.25 in August, 2019 (A-B), and then settled in a bullish technical pattern known as an Inverse Head-and-Shoulders formation (solid lines). The recent price action above US$25 (dashed line) signalled a breakout from this pattern and the start of an up-leg toward higher targets (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish status. There is good support near US$22-US$23; only a sustained decline below this level would cancel the current upside potential.
Point & Figure measurements provide targets of US$34 and US$36. The large Inverse Head-and-Shoulders formation (solid lines) supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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Monica Rizk