Long

Nike - Catch this reversal!

Updated

continues its overall uptrend despite the recent drop of -60% to the downside.

All you need in order to catch the reversal of the decade is simply one line: a support trendline. Nike is currently approaching a support trendline, which has been sending prices higher for the past 30 years. Just this fact alone makes me believe that we will see (much) higher prices on Nike over the next couple of weeks and months, but we still need bullish confirmation first!

Levels to watch: $70

Keep your long term vision,
Philip - BasicTrading

Note

Quick update on Nike:

Do you really think that Nike will break a 30-year support trendline towards the downside? Well, I don't think so and that's why I am still looking for longs after the recent drop. We just need bullish confirmation on the smaller timeframes...

Levels to watch: $75

Trade active

Quick update on Nike:

And there is another trade playing out perfectly so far with Nike being up more than 10% in the past couple of days. We have the strong support and if Nike breaks above the trendline, we can finally see the beginning of new major bullish market cycle.

Levels to watch: $85

Click link above to see the detailed analysis👆🏻

Trade active

Trading update on Nike (NKE):

Click chart above to see the detailed analysis👆🏻

It was absolutely no coincidence that Nike perfectly reverses at the current support level. It is also no surprise that Nike will break the resistance trendline and create the next bullish impulse leg, which will also lead to new all time highs in the future.

Levels to watch: $73, $90

Keep your long term vision,
Philip (BasicTrading)

Trade active

Trading update on Nike (NKE):

Click chart above to see the detailed analysis👆🏻

Nike perfectly reversed at the major confluence of support and is now consolidating before we will most likely see the trendline breakout. Market structure is still pretty clear and you do get a decent risk to reward ratio setup at the current level so take advantage of it now.

Levels to watch: $70, $100

Keep your long term vision,
Philip (BasicTrading)

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