FL Rising Wedge 3rd day play
FL gapped down 10% despite beating earnings into a Daily S level of 46.60. We bounced back to a R of 49 https://i.imgur.com/3Step07.png. Ive got a plan for two scenarios to both long and short depending what we do here. 1st scenario is we fake breakdown / gap out lower of the wedge and find S and trend back to the top trendline or break further for a test of 200sma. This would further the strength of the stock and re adjust price since it beat earnings and has a reason to move higher. 2nd scenario we do break down / gap and stay weak at lower trendline and continue the weakness in retail. Profit target 47.15 and 46.60. Other stocks in retail like HIBB, GPS, M will influence the direction here and if SPY falls back we could see moves in either direction.
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