We have reason to think that NIKE will break its resistance, to substantiate this let's look at the past of this action. The shares were in an upward channel (orange lines) of 9 months, with 4 confirmations in the resistance and 4 confirmations in the support in this period.
This channel suffered two particular moments:
With this resistance break a new bullish channel was formed (Yellow lines) slightly more inclined than the previous channel.
In the most recent section we see that the shares fell again after strong rises, but this is due to the dividend payment (light blue vertical line D2). After this the shares are rising again reaching a historical maximum and with a possible pivot point at 82.44.
We have to see that we are 10 workable days away from the next results, if these are positive, taking into account the bullish channel in which we are, that the current value is a maximum historical and the proximity of a possible pivot point we are facing a possible resistance break, as happened with the last results.
If the results are negative we could stay in the previous channel or break the current support (yellow line), returning to the previous support (orange line), so we would continue with an upward trend but an immediate loss of the value of the action.
I thank you very much for reading and I am open to criticism and questions.
I try to upload all the analysis of the US and Argentina market that I do in Spanish and English.
Regards!
This channel suffered two particular moments:
- The results of March 22 (Blue vertical line E1) that had a negative result, which increased the number of bounces on the support but don´t broke it, but weakened it.
- The results of June 28 (Vertical line blue E2), which were expected to be low, but turned out to be positive, so the value of the actions of NIKE growth up and broke the resistance. Prior to this we have to see that after the payment of dividends (light blue vertical line D1) the value of the stock had fallen.
With this resistance break a new bullish channel was formed (Yellow lines) slightly more inclined than the previous channel.
In the most recent section we see that the shares fell again after strong rises, but this is due to the dividend payment (light blue vertical line D2). After this the shares are rising again reaching a historical maximum and with a possible pivot point at 82.44.
We have to see that we are 10 workable days away from the next results, if these are positive, taking into account the bullish channel in which we are, that the current value is a maximum historical and the proximity of a possible pivot point we are facing a possible resistance break, as happened with the last results.
If the results are negative we could stay in the previous channel or break the current support (yellow line), returning to the previous support (orange line), so we would continue with an upward trend but an immediate loss of the value of the action.
I thank you very much for reading and I am open to criticism and questions.
I try to upload all the analysis of the US and Argentina market that I do in Spanish and English.
Regards!