Nike Up Over 10%Since the last Nike post, price has moved up 10.4% and continues to demonstrate strength in the market.
Nike had its earnings release on September 22nd which had a positive effect on price as we saw a jump
from $116 to $130 overnight, adding increased profits to its shareholders.
That gap up in price was followed by a decline/pullback and price now appears to have found support
because we are seeing a continuation of the bullish momentum.
Price broke out of consolidation in early August and has trended well so far, using the 20 simple
moving average as support. When price uses the 20sma, it helps to confirm if we are seeing a linear
trend in play.
As the current pullback is showing strength, we are now anticipating a breakout above the recent high
at $130. A break and close above this level will confirm a continuation to the upside and offer us some
high probability long opportunities.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
