Leading construction and engineering company Fluor Corporation (NYSE:FLR) was another stock that tumbled after reporting earnings recently. On May 5th, the construction company missed earnings forecasts and guided FY17 EPS below consensus. This does not seem like a stock traders and investors would want to own right now, but the charts are painting a different picture.
Fluor Corporation (NYSE:FLR) stock is now trading into a very interesting support area. Aggressive traders and investors could actually nibble on the stock at it’s current price level which is around $47.50 a share. Traders can use the current bottoming tail from May 5th, 2017 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 $44.00 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 stock is now looking attractive for a long side trade according to the charts.