NKE: Earnings Out of Season, Topping with Strong Support

Nike, the icon of footwear, reports today out of season which is not a good sign for earnings. The stock is not being traded heavily pre market, however, so the retail crowd appears to not know about this earnings report yet. The stock has already hit an extreme deviated peak in its business cycle after a fast-paced speculative run out of its prior bottom formed in 2016-2017. This stock is more fortunate than others. It has strong support close to its current price. The Cycle indicator has headed down to the center line and the stock should trough sooner than later. This is a weekly chart so you can see the support level easily. This stock is not a good candidate for a sell short due to this support.