In going through my usual routine on Saturday of looking through charts, one thing that slows down the process is a chart with a lot of mixed signals. Today is no exception as I find myself evaluating the chart of FL (Foot Locker Inc).
In reviewing the Weekly chart you will note several items that appear Bearish.
1) Bearish Engulfing candle for the week
2) Increasing volume on the pullback to the TL
3) EMA 9 rolling over
4) Closed at the TL for the week
Now for some items that appears neutral or Bullish.
1) MACD looks to be bottoming here
2) A LOT of Volume at Price at this price level
3) Closed at the TL for the week (did hold the TL)
Is this a pause in Stage 4, or a beginning of a new Stage 1 move? Building the Right shoulder of a Head ‘n Shoulder pattern?
Time will tell. For now I’ve set some Price Alerts.