The daily chart above shows a strong uptrend since May 2023. However, the stock dipped since the price hit the 52-week high of $40.77. Currently, there are two bullish divergences on the daily chart.
The first bullish divergence is the period between November 2023 into the beginning of January 2024. During this period, the RSI's lows remained even while the stock price made a pronounced move higher. The second bullish divergence on the daily chart is indicated by a lower low on the stock price and a higher low on the RSI indicator during the first few weeks in January.
From what I have observed, these divergences typically result in trend reversals where the stock is likely to form a new uptrend or continue a longer-term established trend. We can see a bullish divergence between March and May of 2023 where the stock displayed a downward price movement while the RSI increased. The stock made a significant move higher from that divergence.
These bullish divergences are in agreement with Fluor's fundamentals. Fluor has a healthy backlog and has been getting a steady flow of contracts for ongoing growth.
You can read a comprehensive article here: seekingalpha.com/art...steady-contract-flow
The first bullish divergence is the period between November 2023 into the beginning of January 2024. During this period, the RSI's lows remained even while the stock price made a pronounced move higher. The second bullish divergence on the daily chart is indicated by a lower low on the stock price and a higher low on the RSI indicator during the first few weeks in January.
From what I have observed, these divergences typically result in trend reversals where the stock is likely to form a new uptrend or continue a longer-term established trend. We can see a bullish divergence between March and May of 2023 where the stock displayed a downward price movement while the RSI increased. The stock made a significant move higher from that divergence.
These bullish divergences are in agreement with Fluor's fundamentals. Fluor has a healthy backlog and has been getting a steady flow of contracts for ongoing growth.
You can read a comprehensive article here: seekingalpha.com/art...steady-contract-flow