Fluor near Resistance

Published on Friday, 12 March 2010 17:44 Written by Danny Miller

New York, March 12th (TradersHuddle.com) - Shares of Fluor Corporation (NYSE:FLR) are trading very close to calculated resistance at $47.33 with the current price action closing at just $45.99 placing the stock near levels that make it difficult to buy.

Fluor Corporation (NYSE:FLR) is a professional services company. The Company provides engineering, procurement, construction and maintenance as well as project management services on a global basis.

Fluor's current stock range is defined by current calculated support defined at $41.85 and by the resistance level at $47.33, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Fluor, as the stock is well above support, however, as the stock pulls back towards $41.85 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $47.33 then traders will get an opportunity to enter Fluor stock by establishing a position as the stock moves to a higher range.