Nothing but net for the Bears. Swoosh.
Please see my original analysis.
NKE Daily Chart analysis
Since seeing the Death cross signal appear on the Daily chart, NKE has systematically been broken down by the Bears.
Price broke down from a Distribution stage.
The Bears followed by break thru two Support areas and turning them into Resistance: 139.10 & 121.20
Price has made a series of lower highs and lower lows to confirm the Downtrend.
It is also rejecting the 50ema, which is acting as Dynamic Resistance.
NKE is in extreme bearish conditions.
I will continue to look for short entries.
Since NKE is trending (currently in a Downtrend), I will look for short entries at areas of value: Resistance and/or Dynamic Resistance areas.
Currently, price has pulled back to the 50ema Dynamic resistance area.
We have Bearish price rejection at this resistance.
We also have an Overbought Stochastic reading.
We’ve been presented this same opportunity under the same conditions 3 times now with this one being #4: Downtrend + Pullback to 50ema + Overbought Stochastic
This is my cue to enter trade short
Entering trade short.
Entry: 109.13
Stop loss: 117.30
Target: 88.86
Please see my original analysis.
NKE Daily Chart analysis
Since seeing the Death cross signal appear on the Daily chart, NKE has systematically been broken down by the Bears.
Price broke down from a Distribution stage.
The Bears followed by break thru two Support areas and turning them into Resistance: 139.10 & 121.20
Price has made a series of lower highs and lower lows to confirm the Downtrend.
It is also rejecting the 50ema, which is acting as Dynamic Resistance.
NKE is in extreme bearish conditions.
I will continue to look for short entries.
Since NKE is trending (currently in a Downtrend), I will look for short entries at areas of value: Resistance and/or Dynamic Resistance areas.
Currently, price has pulled back to the 50ema Dynamic resistance area.
We have Bearish price rejection at this resistance.
We also have an Overbought Stochastic reading.
We’ve been presented this same opportunity under the same conditions 3 times now with this one being #4: Downtrend + Pullback to 50ema + Overbought Stochastic
This is my cue to enter trade short
Entering trade short.
Entry: 109.13
Stop loss: 117.30
Target: 88.86
Trade closed: target reached:
Target: 88.86, +18.57%, 2.48 RR ratio