PPages

1st charting attempt- nike

NYSE:NKE   NIKE INC
15 2 0
bearish candle
overbought
critiquing appreciated
Pattern is partially there... it did not exactly hit the upper blue line the third time and it made to far of a dip outside of the channel to be considered a channel.
$NKE is known to be a strong company and it is unlikely for a good company to make a complete downward move to the blue support line of the channel.
Although the stochastics is overbought look at the past... you will see that it was constantly hovering around the Overbought area which shows the insane strength of NKE and an indication of a constant grind higher (uptrend).

@PPages
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PPages BenOmonira
ok that all makes sense. I will try again with another stock.
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