Foot Locker, Inc. (NYSE:FL) dropped at the rate of -27.92% in Friday’s trading from $47.70 to $34.38 and has now fallen 3 consecutive sessions. The price has fallen in 6 of the last 10 days and is down by -29.84% over the same course of time. Volume has increased in Friday’s trading by 30.68 million shares, but on a weak note. This is may be an early warning and the risk will be increased slightly for the next couple of days. In total, 36.18 M shares exchanged hands for about $1 243.96 million.
Inside FL’s Recent Trend
Foot Locker, Inc. (FL) has broken the wide and falling short-term trend down. At first, a heavy selloff is imminent, but false breaks and sharp decline may occur. However, an additional loss is possible and any progress toward the breaking point ($38.92) will be a new exit point. According to the fan-theory $29.52 is considered to be the new bottom line of the next trend, but it is not the time to say this for sure.
Foot Locker, Inc. Technical Signals
FL has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $46.50 and $47.92. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Wednesday August 16, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. Volume up and price depreciating is getting our attention as this movement is seen as bearish sign.
Foot Locker, Inc. (NYSE:FL) Support And Resistance Levels
There is no support from accumulated volume below today’s level and given the right condition the stock may perform very badly in the next couple of days. It seems to be blessed by the accumulated volume as it meets no resistance above current level and favorable trading conditions will help the stock to show strong performance in the coming days.
Foot Locker, Inc. (FL) Risk Assessment
The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $2.51 (7.32%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 3.87%.
Foot Locker Inc is in oversold territory based on Relative Strength Index reading (22). In some cases it takes more time for the trend to shift while the stock is being oversold and the Relative Strength Index keeps moving.