Sublime_Trading

Nike Climbs While The Rest Of The Market Dips.

Long
NYSE:NKE   Nike, Inc
Nike has been off the radar for some time, especially since it started consolidating from December
2015 to May 2018. The trend following its breakout of consolidation has lacked the energy and
momentum of the prior trend when Nike shares saw a growth of 612% from March 2009 to December 2015.

The trend experienced its first pullback and made contact with the resistance turned support at $68
in December 2018 before slowly rising again.

Then due to the recent global pandemic, Nike shares plummeted towards the support at $68 once again.
We then saw a sharp increase in price, seeing a rise back above the 200 simple moving average and since
then we have seen a linear trend in play.

The market as a whole are experiencing pullbacks and Nike looks set to end the week pulling back itself.
Despite this, Nike is outperforming the rest of the market at the moment.

Nike has the daily 20 simple moving average below it at the moment which may provide support,
then we have the 50 simple moving average as a second option for support.

Nike remains at the top of our watchlist for the simple fact that it has started to trend well and may
continue to do so for some time going forward.

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As always, keep it simple, keep it Sublime.
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