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Charts courtesy of stockcharts.com

Tuesday, May 13, 2008

FLR


A big gap up on earnings today, with huge volume. There are a couple of things interesting in this chart. In early March, price was well off the October high, yet relative strength was the same, indicating a very strong stock. This gave a beautiful buying opportunity as it came out of a consolidation near the 200dma and broke the descending trend line. CMF indicated that accumulation was taking place soon after it came off the February low. Relative strength broke out to a new high last month, indicating a price breakout attempt was very likely. It blew away earnings expectations, and is going to be a leader for some time.

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