November 11, 2009 (FinancialWire) (By Frank Kollar) — Shares of Fluor Corp (NYSE: FLR) posted lower earnings and revenue than Wall Street forecasted and shares paid the price by declining over 7% on Tuesday, November 10.

How low can Fluor Corp go?

It isn’t just the poor earnings report that is hurting Fluor Corp. Share prices have been declining since hitting 2009 highs back on August 7. In fact, Fluor Corp is down almost 24% in the past three months.

So poor earnings may have surprised some traders, but most shareholders have been unloading shares for several months.

Prices hit the 50% retracement support level for Fluor Corp’s March through August rally, at $44.45 a share, last week. They rebounded but are now again testing this support level.

If Fluor Corp closes below $44.45 a share in coming days, look for prices to drop to at least the 61.8% retracement level at $41.11. If this level is also broken, share prices could drop below $35.00 a share in coming months.

Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

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