February 10, 2012
Shares of Flour Corp (NYSE: FLR) are testing a strong resistance level at the $60.00 to $61.00 level.
Flour is a holding company that executes complex engineering, procurement, construction, and maintenance projects for commercial and government clients in remote locations around the world.
Last week Flour announced a 28% hike in its quarterly dividend, to .16 cents a share from .13 cents, and also appointed its CEO to serve as board chairman.
Investors apparently like this news and the stock was up some 2% on Thursday, February 9.
Flour's stock is right at important resistance. From August through November of 2011, its stock reached the $60-61 level and each time pulled back.
Flour is back at this level again, closing on Thursday, February 9, at $60.29 a share.
If Flour can make a decisive close above resistance, the next target would be above $65 a share and potentially up to the $75 level.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does not have a position in Flour Corp.
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