The USD 31.6 support, currently tested, should allow Foot Locker to rally again.
According to Surperformance rating, the company is an opportunity for a trading strategy. Indeed, it is a good compromise between its value and its visibility.
Currently the stock is oversold and, in the mid-term, it is trading in a bearish trend. In the short term, this trend is reversed upon contact with the USD 31.6 area. Foot Locker should be able to confirm its increase in the next trading sessions. This support is a trading opportunity in order to anticipate a technical rebound towards USD 33.3 and by extension towards USD 37.3.
The strategy will be to buy the stock at the current price with an objective next to the USD 33.3 resistance and a stop loss near USD 31.2, below the mid term support.
Foot Locker, Inc. is a retailer of shoes and apparel. The Company operates through three segments: North America, Europe, Middle East, and Africa (EMEA), and Asia Pacific. The Company's portfolio of brands includes Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos. It uses its omni-channel capabilities to bridge the digital world and physical stores, including order-in-store, buy online and pickup-in-store, and buy online and ship-from-store, as well as e-commerce. It operates websites and mobile apps aligned with the brand names of its store banners. The Company operates approximately 2,523 stores in 26 countries across North America, Europe, Australia, New Zealand, and Asia, and a franchised store presence in the Middle East and Asia. The Kids Foot Locker offers athletic footwear, apparel, and accessories for children. Champs Sports is a primarily mall-based specialty athletic footwear and apparel retailer. atmos is a digitally led, brand featuring sneakers and apparel.