Foot Locker, Inc. (NYSE: FL)

vate-label merchandise, and accessories through Internet Websites, catalogs, and mobile devices.
Take a look at the 1-year chart of Foot Locker (NYSE: FL) below with added notations:

After a steady 6-month rally, FL has been trading sideways since the September peak. During the sideways move the stock has formed a common pattern known as a rectangle. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern.
FL’s rectangle pattern has formed an $58 resistance (red) and a $52 support (blue). At some point the stock will have to break one of the two levels.

The Tale of the Tape: FL is trading within a rectangle pattern. The possible long positions on the stock would be either on a pullback to $52 or on a breakout above $58. The ideal short opportunity would be on a break below $52.
Please share this article