LONG NKEStrong support at $90 region, confluence of fibo support from previous swing lows (.312 & .618).
Entry $0.05 above consolidation, SL $0.05 below consolidation, TP using fibo extension .618 with 2.2 RR.
NKE trade ideas
NKE Retest/RemountNKE has pulled back to its previous breakout level of $90. It has retested this level, remounted and held over it with moving averages to support another move upward to retest highs at the $95-97 level. This has a potential 5-7% move.
Moving averages, levels, reversal candles: Nike has them allCheck out the pullback in Nike (NKE)! The DJIA member broke out to new highs in September on a strong earnings report. It ran to the high 90s and then stalled and retraced almost the entire move. NKE shares are now back to their $90 breakout zone, which was also resistance in April and July.
On top of that NKE is holding its 50-day moving average and has had several interesting candlesticks recently:
-Oct. 30: Inside day
-Oct. 31: Outside day
-Nov. 5: Inside day
-Nov. 6: Outside day
Those are all potential reversal patterns. When you consider that the short-term trend was bearish after a slide in late October, that would suggest stabilization. Not hugely compelling in isolation, but throw in the $90 support line and 50-day moving average and you have some serious confluence on the chart.
The macro backdrop is also interesting, with the positive Chinese news today. (Remember China is a key growth market for NKE.) Retail sales are next week and company earnings are shortly before Christmas.
Black Friday is still three weeks away. Will the holiday shopping start early in NKE?
NKE
Update on NKE- NKE has shown clear support on the ER gap around $90
- I think it'll continue to consolidate for a few days before any noticeable gains are made
- Short MACD on the daily chart is coming off the back end, good entry point here
- If NKE breaks $91 I think we'll see a run to $93 or $94
NKE is a short term buy- Supported well at $89 - $90
- Broke resistance after earnings beat
- Coming off the back end of short MACD (2hr)
- Daily trend at +66%
- Ideally a short term buy, likely retrace back to $90
Nike Is Using Round Numbers As SupportFollowing the 2+ years of consolidation from December 2015 to May 2018,
it was likely that price was going to trend to the upside after breaking out.
Usually, when price consolidates for lengthy periods of time, it tends to form
a big trend in the direction of the breakout. As the breakout occurred above resistance,
we may see a trend continue for weeks if not months.
A consolidation lasting for a number of years normally develops into a strong linear trend
but in the case for Nike, we have seen more of a choppy trend with deep pullbacks.
What is apparent about these pullbacks is that they have been finding support at round numbers.
The first pullback after the consolidation period began when price started to decline in
September 2018 and price found support in December 2018 at the $70 round number.
Then price headed back up and soon pulled back to use the $80 round number as support in August 2019.
After price briefly held at $80, it found momentum and shot up through the $90 round number with ease,
only to pull back and use $90 as support where it currently lies.
If price follows the current pattern, it shouldn’t be too long before we see another move to the upside.
What we will have to wait and see is if price can break through the $100 major round number and
also pull back to use it as support.
One thing to note is that the behaviour of a stock or any instrument can change over time.
Price may decide to move away from the pullback pattern and form a strong linear trend when it
passes $100 in which case we will witness a fast-moving trend.
As for now, we will have to wait and see what price decides to do next.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
Elliott Wave View: Nike Looking for Further CorrectionShort Term Elliott Wave view on Nike suggests the rally to $97.05 on October 23, 2019 high ended wave 1. This rally started from August 6, 2019 low (77.5) as a 5 waves impulse Elliott Wave structure. On the chart below, we can see wave ((iii)) of this impulsive rally ended at 94.75. Wave ((iv)) pullback ended at 90.35 as a zigzag Elliott Wave structure. The stock then rallied to 97.05 to end wave ((v)) of 1. From there, it’s pulling back in wave 2 to correct the rally from August 6, 2019 low.
The structure of wave 2 pullback is unfolding as a zigzag Elliott Wave structure where we are now ending wave ((a)) of this zigzag. Internal of wave ((a)) is unfolding as a 5 waves impulse. Down from 97.05, wave (i) ended at 95.58, and wave (ii) rally ended at 96.10. The stock then extended lower in wave (iii) towards 89.13 with internal subdivision as 5 waves in lesser degree. From there, wave (iv) bounce ended at 90.60. Wave (v) lower is currently in progress and expected to end soon. The 5 waves move lower will end wave ((a)) of 2. The stock should then bounce in wave ((b)) of 2 to correct cycle from October 23, 2019 high before the decline resumes in wave ((c)). As far as pivot at 97.05 high stays intact, we expect rally to fail in 3, 7, or 11 swing and stock to resume lower again.
NKE Looks Strong at Key SupportNKE
Shares of NKE pulled back following change of CEO and harsh comments by VP Pence on businesses that seem to be with China and against Hong Kong and the US. Political and Executive catalysts rarely dethrone a strong earnings-driven trend.
NIKE IDEA #18 Los que quieran ver el antes de esta idea me pueden enviar un mensaje jeje, les dejo todo lo que analizo en la gráfica ya que fue el precio mas alto de NIKE la verdad fácil de tomar esta entrada, bastantes pips y antes de operar esta bajada pueden observar en el patrón de triangulo que me permitió operar la subida.
MIS TRADES ACCIONES
NIkes are just shoes and stock buybacks are not real growthThe apparel giant posted $0.69 in adjusted earnings per share, and revenue growth of 13% to $9.8 billion. Nike announced plans to repurchase $15 billion of its class B shares over four years and expects to start in 2019 when its current buyback program is complete.
blow off top coming
NKE exhaustion gap?Looks topped out with a reversal pattern. Bought next week's puts, but might flip it tomorrow if it drops a buck. PoS has a tendency to bounce at the top.
Also, MFI divergence, coming off overbought condition.
Nike Showing Us They Can Just Do ItWith an average volume of 6.3 million, Nike Inc is continuing to soar to new heights in the markets which
is probably spurred on by sales being up 41% in the first quarter of 2019.
Looking at the technical side of things, we can see from the weekly chart that price has
been clearly trending to the upside over the long-term.
Price was in a strong bull trend from March 2009 from a low of $9.56. Over the next 6 years,
price catapulted over 590% making easy returns for investors holding onto Nike Inc shares
over this period as price reached $68.19.
With every huge trend, there will come a period where price will become exhausted and either
pull back deeply or enter a long period of consolidation. This will generally take place before price
resumes the trend or may even result in a complete reversal. In this case, price entered a long period
of consolidation lasting 2 years and 5 months from December 2015 to May 2018. The consolidation was
held up by using support in the form of the $50 round number, which is a psychological support zone.
As mentioned, long periods of consolidation usually follows huge trends, the same is true the other
way round. Huge trends usually follow long periods of consolidation. We may just be at the early
stages of a strong bull trend in this stock.
When price broke out in May 2018 we saw a strong move to the upside, then price pulled back sharply
and retested resistance turned support in December 2018. This support level gave price a push up once
again and has since been creating higher highs and higher lows. The 50 sma has been used as support along
the way which also helped price escape from the recent consolidation zone breaking above $90.
Nike Inc is now creating new all-time highs and may continue to climb for some time.
One thing to bear in mind is that we have the $100 round number which is a strong psychological support/resistance zone.
We may see price comfortably move through this level or reverse at that point or go into consolidation.
We can never predict how price will behave, so it’s best for traders to just wait for price to break through $100 before looking for long opportunities.
Price is just over 500 points away from $100 so we may not have to wait too long before buying shares.
As always, keep it simple, keep it Sublime.
NIKE Price actionNike
The stock is flying and just making higher highs since first quarter of 2017 , we see some consolidation in 2019 second quarter , however it ended with strong bullish candle and touched all time highs.
Technically
1. We see a week double top , with not much significance
2. There is clear divergence in price and RSI , which shows price can reverse
3. Also its now at the upper boundary of the upper trend line with double top it might open lower on Monday
Fundamentally
1. Nike is launching extraordinarily products
2. Their marketing strategy is just awesome
3. With a recent big success of INEOS 159 Challenge their product sales will get a good boost
Slight SignalEMAs crossing over at exact time the MACD is doing the same, with latter taking place above zero-line
