FL
Daily chart analysis
FL has been in a downtrend for quite some time now.
It has now pulled back to the downtrend line it has created. This area will be considered an area of value.
We have stochastic reading just coming down from overbought
We also have the MACD just crossing under its signal.
Downtrend + Overbought stochastic + Pullback to area of value = Short trade entry
Entering trade short
Entry: 37.53
Stop loss: 41.92(-11.70%)
Target: 24.76, +34.03%, 2.91 RR ratio