Almund
Short

The mama bear continues to row

NYSE:NKE   NIKE INC

This is a 5y NKE             chart, which shows a declining trend. The stock price has been seen trying to break through the resistance 3 times - 21/12/2015, 21/03/2016 & 22/08/2016 - with no success. Looking carefully at the price & volume of those 3:
  • Closing price: $63.18; volume: 97.4 mil indicates that the market is agreeing to the closing price when 14/12/2015 shows narrow difference between opening & closing price by $0.94 with weak volume @ 43.6 mil.
  • Closing price: $61.65; volume: 71.0 mil indicates that the bear will continue to rolling down. The assumption was strengthened when opening price ($61.58) - closing price ($61.59) = $0.01 & vol @ 39.4 mil on 28/03/2016.
  • Closing price: $59.00; volume: 46.6 mil. Mr.market is hesitating to agree to that price when there is only a slight difference between opening price ($58.82) - closing price ($59.00) = $0.18 while volume isn't that great.

I had placed those respective support & resistance lines.
The candlestick had breakthrough the support line and I rolled in with the bear.


My plan :
Short @ $56.25
Profit taking @ $55.13
Stop-loss @ $55.69
No. Shares @ 2 (pardon me, I'm just a beginner trader)
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