after a heavy fall, FL looks to be bouncing off the 200EMA which has been working well in the past, except during that flip zone from resistance to support, as shown in the yellow circle.
FL seems forming a rising wedge formation. Breaking below $70.13 would be wedge break-down confirmation, and if it breaks it can decline to $66.
* Trade Criteria *
Date first found- February 21, 2017
Pattern/Why- Rising wedge
Entry Target Criteria- Break of $70.13
Exit Target Criteria- $66
Stop Loss Criteria- N/A
Please check back for Trade updates....
Footlocker (FL) recaptured a key level last week. Last quarter, FL reported its highest level of sales ever, with both FCF 9% greater and D/E 6% lower than at last September's peak. However, I think I will wait to see a retrace or mode build at this level to offer a greater R trade, as the initial stop given the current PA is over 2 ATR's.
Well, this thing got lucky today the market was up. I will give it another day, if it can't close above the support, I will sell it for a target if $52.80 ~ $53
