Hello Everyone! Looking at the daily chart of Foot Locker it is quite interesting to spot the divergence between price and RSI once it reached the upper Bollinger Band and the previous bounce of the price off its 100 sma.
Considering that FL has recovered almost all have been lost during the pandemic, and earnings are coming on 20th November, it seems there is plenty of time for the divergence to take place pushing the price down to its 100 moving average or close to that, perhaps in coincidence with Fibo retracement of 38,2%.
Unless earnings will bring a negative surprise, prepare for another bounce...
Thanks for reading and leave a comment if you like to do that and....may the market be with us!
Considering that FL has recovered almost all have been lost during the pandemic, and earnings are coming on 20th November, it seems there is plenty of time for the divergence to take place pushing the price down to its 100 moving average or close to that, perhaps in coincidence with Fibo retracement of 38,2%.
Unless earnings will bring a negative surprise, prepare for another bounce...
Thanks for reading and leave a comment if you like to do that and....may the market be with us!