FL closes above its opening price after recovering from early selling pressure


Foot Locker Inc. (FL) Technical Analysis Report for Jul 14, 2020 | by Techniquant Editorial Team

Highlights

FL closes above its opening price after recovering from early selling pressure
FL unable to break through key resistance level
FL closes lower for the 2nd day in a row
FL ends the day indecisive

Overview

Moving lower for the 2nd day in a row, FL finished Tuesday at 27.52 losing $0.47 (-1.68%), significantly underperforming the S&P 500 (1.34%). Trading up to $0.33 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (FL as at Jul 14, 2020):

Daily technical analysis candlestick chart for Foot Locker Inc. (FL) as at Jul 14, 2020

Tuesday's trading range has been $0.88 (3.2%), that's far below the last trading month's daily average range of $1.45. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FL.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on June 23rd, FL actually lost -4.48% on the following trading day.

Unable to break through the key technical resistance level at 27.84 (R1), the share closed below it after spiking up to 28.02 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.

Foot Locker shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Further selling might move prices lower should the market test June's close-by low at 26.98.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Foot Locker. Out of 210 times, FL closed higher 51.43% 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 58.10% with an average market move of 1.14%.


Market Conditions for FL as at Jul 14, 2020

Loading Market Conditions for FL (Foot Locker Inc.)...
Latest Report:

FL runs into sellers again around 27.58

Aug 07, 2020
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Foot Locker Inc. traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!