not quite convinced NKE is out of this downtrend (near-term) quite yet. Forming a bearish wedge/channel on 4hr and 1 hr
sitting directly under the 50 day ma on the 4hr and directly under the 200 day ma on the 1hr which both seem to be acting as resistance. If NKE can close the first hour tomorrow above the 200 day I may be more convinced a new trend is setting, otherwise we may have a decent short setup down to the 81.50 area
sitting directly under the 50 day ma on the 4hr and directly under the 200 day ma on the 1hr which both seem to be acting as resistance. If NKE can close the first hour tomorrow above the 200 day I may be more convinced a new trend is setting, otherwise we may have a decent short setup down to the 81.50 area
Trade active:
and we're off. Further confirmation if we can close an big ol' candle under ~83.70
Either way today was good for a scalp if you're playing cautious
Either way today was good for a scalp if you're playing cautious
Comment:
Drag this channel out longer will ya....
This is why we start with small positions and if you're playing options - buy a little time. Tomorrow I'm mostly going to watch, and unless we see some dramatic price option I'm going to sit on my hands and let theta burn over the weekend (ugh)
then size in next week unless its too late and we're already running
This is why we start with small positions and if you're playing options - buy a little time. Tomorrow I'm mostly going to watch, and unless we see some dramatic price option I'm going to sit on my hands and let theta burn over the weekend (ugh)
then size in next week unless its too late and we're already running
Should emphasize, I'm no bear and long term bullish on NKE.
I just think we're going to see 80 before we see 90. I plan on playing both directions.