Fluor Corporation (FLR) is an engineering and construction company set to benefit from an increase in infrastructure spending once Congress and the President can come to a successful conclusion on how to fund repairs for our roads, bridges and tunnels. The stock closed Friday at $57.63, up 11.6% year to date after falling into correction territory at its 2018 low of $53.22 on Feb. 9. Fluor shares are up 8.3% since then. The stock peaked on Jan. 24, setting its all-time intraday high of $62.09. Fluor closed Friday at 7.2% below this high.

Analysts expect Fluor to deliver earnings per share of 63 cents when it reports results after the closing bell on Tuesday, Feb. 20. Some analysts say that Fluor's diverse business mix will help the company navigate the market's engineering and construction needs given the ups and downs of economic conditions. Obviously, a robust infrastructure spending environment should extend the current positive landscape for the company. (See also: 9 Stocks That May Outperform in 2018.)

The daily chart for Fluor

Daily technical chart showing the performance of Fluor Corporation (FLR) stock

Courtesy of MetaStock Xenith

The daily chart for Fluor shows that the stock has been above a "golden cross" since Dec. 15, when it closed at $50.45. A "golden cross" occurs when the 50-day simple moving average rises above the 200-day simple moving average, indicating that higher prices lie ahead. The horizontal lines show that the stock is well above its quarterly and monthly value levels of $52.92 and $51.68, respectively. My semiannual value level is below the chart at $28.30. My weekly and annual risky levels are above the chart at $63.71 and $70.34, respectively.

The weekly chart for Fluor

Weekly technical chart showing the performance of Fluor Corporation (FLR) stock

Courtesy of MetaStock Xenith

The weekly chart for Fluor is positive but overbought, with the stock above its five-week modified moving average of $55.88 and above its 200-week simple moving average at $54.00. which is also the "reversion to the mean," last tested last week. The 12 x 3 x 3 weekly slow stochastic reading ended last week at 82.63, down from 89.48 on Feb. 9. If the stock closes this week below $55.88 with its momentum reading falling below 80.00, the weekly chart will become negative.

Given these charts and analysis, I recommend buying Fluor shares on weakness to my quarterly and monthly value levels of $52.93 and $51.68, respectively, and reducing holdings on strength to my weekly risky level of $63.71. (For more, see: Construction, Transportation Companies Could Benefit From Infrastructure Bill.)