as you can see, flowserve $FLS has been on quite a run since lows in oct-2011 during the height of the european central bank charter formation and post S&P downgrade of u.s. sovereign debt. it’s never possible to tell how far markets can drop in the current sell-off. as a position trader, my downside limit for $FLS is the 50WMA. at the moment, selling is mild on light volume. if the $FLS does NOT bounce and begin forming a base, i will start peiling off 1/4 positions at a time. my thesis is the S&P500 is due for a 10% sell off from it’s recent highs. that’s another indicator i’ll be looking for as a basis to determine whether to sell positions. so far, i have sold no positions in $FLS.
stubbystock technical alert 20WMA xDOWN bearish signal $FLS
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