garethtdavies
Short

Flowserve Corp Symmetrical Triangle Setup

NYSE:FLS   FLOWSERVE CORP
This textbook symmetrical triangle setup caught my eye as FLS was a big negative mover on the Stockcharts Technical Rankings. I've overlaid a ratio to the SPX where you can see a divergence with FLS underperforming, With earnings approaching before the apex of the triangle it is likely to be resolved there. Given this underperformance I am biased to the short side but will likely use options to define my risk here as could break either way.

Comments

Interesting price action since I added this chart. Looks like a false breakout followed by finding some support at the lower edge of the triangle on some heavy volume so still awaiting real confirmation of trend.
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