Foot Locker (NYSE:FL) is one of the leading retailers of athletic shoes and apparel (NYSE:FL). The stock has been selling off since late April. Back then, the stock traded as high as $77.86 a share. Today, the sports apparel retailer is trading at $55.35. FL also tumbled by about 15 % after reporting earnings on May 19. The stock has been steadily declining since that earnings release.
Traders and investors should now watch the $50 to $51 area for the next major support level. This is a solid double-bottom chart level from June 2016. Often, prior support levels can be support by the institutional money when retested. This is a chart level where traders should look for a bounce in the stock.