Short Buy position on NikeDespite the good earning on Nike, We have 2 dynamic resistances, after the breakout and pullback which is along with a testing, We have good buying position with considering of SL and TP
NKE trade ideas
$NKE Sitting on the sidelines into Nike Earnings
NKE has struggles as earnings approach and profit taking has resulted in 7% decline.
The indicators are bearish also.
Risk may be to the downside as expectation may be to high.
COVID has dominated the market today and that is not a help to retail exposure stocks.
$105 could very well be tested as support where the 50ma also resides.
Just going to do itI love this company but:
1. Technicals look bearish short term despite having results tomorrow
2. People visiting gyms is decreasing ( athletic clothes sales as a fashion is going to decrease)
3. All the kidos are going to keep their last year shoes since they stayed home and did not teared them apart
4. Neymar signed with PUMA
5. Arenas are closed
*They moved to their own online shop which will improve margins 100% but sales will be bad in the upcoming year and going forward 21 In my opinion...
Do not take my graphs seriously!!!
Nike Climbs While The Rest Of The Market Dips.Nike has been off the radar for some time, especially since it started consolidating from December
2015 to May 2018. The trend following its breakout of consolidation has lacked the energy and
momentum of the prior trend when Nike shares saw a growth of 612% from March 2009 to December 2015.
The trend experienced its first pullback and made contact with the resistance turned support at $68
in December 2018 before slowly rising again.
Then due to the recent global pandemic, Nike shares plummeted towards the support at $68 once again.
We then saw a sharp increase in price, seeing a rise back above the 200 simple moving average and since
then we have seen a linear trend in play.
The market as a whole are experiencing pullbacks and Nike looks set to end the week pulling back itself.
Despite this, Nike is outperforming the rest of the market at the moment.
Nike has the daily 20 simple moving average below it at the moment which may provide support,
then we have the 50 simple moving average as a second option for support.
Nike remains at the top of our watchlist for the simple fact that it has started to trend well and may
continue to do so for some time going forward.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
Elliott Wave View: Nike (NKE) Breaks to All Time HighNike (NKE) has made another all-time high suggesting the bulls remain in firmly in control. Elliott Wave View of Nike suggests the stock is still within the cycle from March low as an impulse. Currently, the stock is within wave (5) from March low. The rally from March Covid-19 low to $117.42 ended wave (3). Pullback in wave (4) completed at $110.05 as a double three correction. Down from wave (3) at $117.42, wave W ended at $110.21, wave X ended at $113.84, and wave Y of (4) ended at $110.05.
Wave (5) rally is now in progress as an impulse Elliott Wave structure. Up from wave (4) low at $110.05, wave ((i)) ended at $113.26 and wave ((ii)) pullback ended at $112.66. The stock then resumed higher in wave ((iii)) towards $116.21, wave ((iv)) pullback ended at $114.34, and the final wave ((v)) ended at $118.23. This also ended wave 1 of (5) in higher degree. Pullback in wave 2 is proposed complete at $114 as a zigzag. Down from red 1 at $118.23, wave ((a)) ended at $115.43, wave ((b)) ended at $116.91, and wave ((c)) of 2 ended at $114. Near term, Nike still needs to break above wave 1 at $118.23 to avoid a double correction in wave 2. As far as pullback stays above $110.05, expect the stock to find support in 3, 7, or 11 swing for new all-time high.
Nike stock hold through the SPX selling pressureMy position @107
Strategy: Hold til price get totally rejected with bad candlestick
Why hold: I think it still wanna get greedy or finished the who Fib Extension play.
Sell price: please see price tag listed above. I'll def sell around that area and leave happily with my profit.
Cup and Handle Ascending TriangleSupport at top trend line of A triangle which is also entry level. Support can be found at handle low at 93.35 if it breaks through the A triangle trend line
The dow seems to be faring better than the other 3 major indexes. DIA is the only one that was not in a rising wedge as well so it may be a good place to look during this deep correction
The trend is your friend, until it is not
Not a recommendation
Good luck!
