Foot Locker receives positive support - Analysis - 23-05-2022

Foot Locker's stock (FL) rose in the intraday levels after the sports attire company reported a forecast-beating profit in the firs quarter at 4.09%, or 1.24 points, settling at 31.54 points, with trading volumes surpassing 8.2 million shards above 10-day averages of 3.5 million shares.

Technically, the stock is gaining support from the 50-day SMA, with the pivotal support of 26.70 holding on, as the stock corrects the downward short-term trend, while trading alongside the trend line, with negative pressure from the RSI after reaching overbought levels.

Therefore we expect more gains for the stock, targeting the resistance of 38.29, provided the support of 26.70 holds on.

Expected trend for today: Bullish