Monday, August 27, 2018 12:14:37 PM
Last week, leading athletic shoe retailer, Foot locker Inc (FL), sold off sharply after reporting earnings. The stock was able to hold it's important 200-day moving average on the sell off. Today, that key moving average was tested again for the second consecutive session. Traders and investors should note that if this 200-day moving average fails to hold as support it would trigger another sell signal for FL stock.
The next key support level for level for FL stock will be around the $40.00 area. This important support level was defended in March and May 2018. Often, when key support areas are retested they will be be defended again by the institutional crowd. I will be watching the trade action very closely this week in FL stock to see if the 200-day can hold up as support.
Nicholas Santiago
InTheMoneyStocks
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