August 7, 2012 (By Frank Kollar)
Shares of Fluor Corp (NYSE: FLR) have formed a bullish bottoming pattern on their daily chart.
Using a daily bar chart, FLR has a well defined head and shoulders pattern, with the first shoulder formed on about June 4th, the head formed on about June 25th and the second shoulder formed on about July 12th.
Chart Courtesy of StockCharts.com
This is a bullish pattern that forecasts a bottom and new upside trend.
FLR has strong support at $48.89 where a sell stop can be placed if a bullish trade is placed.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does have a position in Fluor Corp.
Disclosure: I am long FLR.