As seen in this 4 hr chart, Nike has been in an ascending channel since the corona sell off/rebound. The price action has moved in accordance with the upward parallel channel it is seemingly advancing in. It has recently slowed down and failed to rise back above the midline of the channel recently. Heres the tricky part, Nikes recent sell off leaves this one in the middle of a grey area territory. The chart setup is perfect for a BIG move around earnings, which way is very much so up in the air. As previously stated this one falls right in the middle of the current gray area, RSI is nearing oversold, but if there is no RSI support around the 40/50 area, and an increase in selling volume, this one could have lost steam, change course, and fall into a bearish channel downwards back towards 105. Nike earnings and the investors reaction to said earnings, have the possibility to set this one on a path that it could possibly take into the end of the year.
(*personal advice: always play earning safely with a neutral strategy*)
Bullish (possible by end of year) price target:$140
Bearish (possible by end of year) price target:$105
Earnings could set the future course for Nike.
(*personal advice: always play earning safely with a neutral strategy*)
Bullish (possible by end of year) price target:$140
Bearish (possible by end of year) price target:$105
Earnings could set the future course for Nike.
Trade closed: target reached:
TARGET REACHED!!