FL ends the day on a bearish note closing near the low of the day


Foot Locker Inc (FL) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
FL tanks -4.09% on high volume
FL breaks key support level
FL dominated by bears dragging the market lower throughout the day
FL breaks below 20-day moving average
FL closes lower for the 4th day in a row
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, FL ended Monday at 43.35 tanking $1.85 (-4.09%) on high volume. This is the biggest single day loss in over three weeks. Today's closing price of 43.35 marks the lowest close since March 22nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 44.98, the market confirms its breakout through the previous session's low having traded $1.69 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for FL
Volatility

Monday's trading range was $1.73 (3.84%), that's above last trading month's daily average range of $1.42. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking below the key support level at 44.28 today, it is now likely to act as resistance going forward.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The stock broke below the 20-day moving average at 45.06 today for the first time since February 27th.

Order Flow

As prices are trading close to April's low at 43.15, downside momentum might accelerate should the share mark new lows for the month.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Foot Locker Inc
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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