Market Observations: NKE has decisively broken its previous downtrend, establishing a higher high. This bullish breach was further fueled by a liquidity run targeting sell stops below the recent triple-bottom (equal lows). The strong momentum accompanying this breakout signals a potential buying opportunity.
Trade Strategy: Target a buy entry upon a retracement...
Nike is about to test strong support
This chart shows the weekly candle chart of Nike's stock over the past four years. The graph overlays the bottom to top golden section at the beginning of 2020. As shown in the figure, Nike's stock has hit its lowest point in recent years, hitting the 2.618 level of the bottom up golden section in the figure. The low point...
On the hour chart the trend started on June 1 (linear regression channel).
There is a high probability of profit. A possible take profit level is 111.70
But do not forget about SL = 102.72
Using a trailing stop is also a good idea!
Please leave your feedback, your opinion. I am very interested. Thank you!
Good luck!
Regards, WeBelieveInTrading
Nike (NKE) broke above its Falling Wedge, which based on the huge rally since October, is the technical bull flag pattern for a bullish continuation. The very same break-out was seen on July 29 2020. Both sequences formed Inverse Head and Shoulders patterns and 1D Golden Crosses. Even the RSI formations are identical. The 2020 one targeted the 2.0 Fibonacci...
NIKE seems to be loosing its bullish momentum after breaking below a major support to what appears to be a retest (or bear flag) to continue to the downside. This can be supported by the smaller time frames (15m) price action as price is failing to make higher highs and is failing to break and close above what is now resistance. Gaps usually are filled but...
Nike Inc. (NKE) broke above the 118.70 Resistance of the Shoulder level of the Inverse Head and Shoulders (IH&S) pattern that started in August. Having rebounded last week on the 1D MA50 (blue trend-line) and already now above the 1D MA200 (orange trend-line), this IH&S bears resemblances with the one in early 2020 which kick started the post COVID crash...
