FND rose above its very steep 2022 downtrend line in early July. FND had declined over 50% from year to date before starting its recent recovery. TPA had recognized FND’s technical weakness and recommended a sale on 2/16/22, which was closed out P&L +22%. The tide, however, seems to have turned for FND. FND still remains close enough to its breakout support for a buy. The weekly chart shows that the lows of June and July were at long-term support from the 2020 breakout.
RRG analysis – FND was one of the Top 20 stocks in this week’s TPA-RRG report, which means it was highly scored and ranked. FND is also moving toward the Leading quadrant.
Relative Rotation Graphs (RRG) – explanation video
FND Floor & Decor Holdings Inc 73.9900 Stop = 68.1448 Target =103.5860
