Keep in mind that MTZ is set to report earnings on Aug. 1 after the market close. The probability that MTZ takes out that 52-week high ahead of earnings is strong due to its current trend. That said, traders should adjust your prices for a breakout to new highs after earnings, since we have to see how the stock reacts to the numbers first.
FLS) develops and manufactures precision-engineered flow control equipment, such as pumps, valves and seals, for critical service applications that require high reliability. This stock closed up 1% at $57.35 in Friday's trading session.
Friday's Volume: 1.91 million
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Three-Month Average Volume: 1.07 million
Volume % Change: 96%
From a technical perspective, FLS jumped higher here right above its 50-day moving average of $55.09 with above-average volume. This stock has been uptrending strong for the last month, with shares moving higher from its low of $50.77 to its intraday high of $57.37. During that move, shares of FLS have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of FLS within range of triggering a major breakout trade. That trade will hit if FLS manages to take out its 52-week high at $57.76 with high volume.
Traders should now look for long-biased trades in FLS as long as it's trending above some near-term support levels at $56 or above its 50-day at $55.09 and then once it sustains a move or close above its 52-week high at $57.76 with volume that's near or above 1.07 million shares. If that breakout hits soon, then FLS will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $65 to $70.
Keep in mind that FLS is set to report earnings on July 24 after the market close. Look to play this breakout after the quarter, so we know that the stock is reacting positively to earnings. Also, adjust the 52-week price up if it gets taken out before the quarter so you know what to target.