200Day Might Become a Great Reference Point for Flowserve

Published on Wednesday, 18 January 2012 09:44 Written by TradersHuddle Staff

New York, January 18th (TradersHuddle.com) - Shares of Flowserve Corporation (NYSE:FLS) traded at $105.79 close to its 200 day moving average currently set at $101.97. Flowserve's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

Flowserve Corporation (NYSE:FLS) manufactures, sells, and services industrial flow management equipment throughout the world. The Company provides pumps, valves, and mechanical seals primarily for the refinery and pipeline segments of the petroleum, chemical processing, power generation and water treatment industries.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $97.00 and calculated resistance at $106.27. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by Flowserve stock.

Traders wanting to establish a position on Flowserve will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.