FL closes higher for the 3rd day in a row
Foot Locker Inc. (FL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FL ended Thursday at 23.41 gaining $1.81 (8.38%) on low volume, significantly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 22.67, Foot Locker confirmed its breakout through the previous session high after trading up to $1.07 above it intraday.
Daily Candlestick Chart (FL as at Mar 26, 2020):
Thursday's trading range has been $2.63 (12.07%), that's slightly below the last trading month's daily average range of $2.83. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 16th, FL gained 1.48% on the following trading day.
While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Foot Locker. Out of 425 times, FL closed higher 54.35% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.94% with an average market move of 0.59%.