Nike strong up movement. Double bottom pattern
Strong up side movement first target 114 Second target 125 in coming months.
Try to get upside move from start and get great R/R
NKE trade ideas
Nike's (NKE:NYSE) Q4 Results Highlight Persistent ChallengesIntroduction:
Nike's Q4 results reveal that the company continues to face challenges, indicating a potential revision of their long-term sales growth target. Despite notable successes in certain regions, caution remains regarding the company's future growth prospects, particularly in the highly competitive Greater China market.
Challenges in Overcoming Obstacles:
Nike's Q4 results suggest that the company is still grappling with obstacles. The need for a potential revision of their long-term sales growth target highlights ongoing challenges in achieving desired growth rates. It indicates the necessity for strategic adjustments to navigate market dynamics effectively.
Unchanged Inventory Value and Reliance on Promotions:
Nike's inventory value has remained unchanged compared to the previous year, indicating a stagnant stock situation. To clear excess inventory, the company has relied on promotional efforts, which are expected to continue into FY24. This reliance on promotions suggests a need for continued efforts to optimize inventory management and drive sustainable sales growth.
Cautious Outlook for Greater China:
While Nike achieved significant revenue growth of 25% in the Greater China region, caution persists regarding future growth prospects. Mounting competition in the region raises concerns about Nike's ability to maintain its market position and sustain growth in the face of intensified competition from local and international rivals. Strategic measures will be crucial to secure a competitive edge and capture market share effectively.
Conclusion:
Nike's Q4 results indicate that the company continues to grapple with challenges, prompting a potential revision of their long-term sales growth target. The stagnant inventory value and reliance on promotional activities reflect the need for continued efforts to optimize inventory management and drive sustainable sales growth. While Nike achieved impressive revenue growth in Greater China, caution remains due to mounting competition. As Nike navigates these challenges, strategic adjustments and a focus on market dynamics will be essential for securing future growth and maintaining a competitive position in the highly competitive athletic apparel industry.
This content is provided for general information purposes only and is not to be taken as investment advice nor as a recommendation for any security, investment strategy or investment account.
Nike has no upside -NKE has gave us confirmation that we are in a W3 and still looking for more downside. We saw rejection from the W2 off of the .5 fib level and have since been in a decline. I have drawn a blue line where I want to see price break though and keep heading lower.
I would stay away from Nike for now as it plummets.
Long on NIKEMy way is trading is that I will focus on a minimum of 10%-15% of profits. The last trade which I took was "Morgan Stanley" and I achieved my criteria, so it was closed yesterday. Checking other patterns "NIKE" seems to be a wonderful choice to enter a trade.
Started accumulating at $105, it may go all the way to $100. But atm, I would say $105 would act as a strong support. Now focusing on our take profits, my first TP1: $117 and the second TP2: $127.
As always, please do your own analysis and trade wisely folks
Nike Fails at Potentially Key LevelNike has lagged the broader market this year. Some traders may see an opportunity to push the downside, especially with weak quarterly results and slowing growth in China.
The first pattern on today’s chart is the 200-day simple moving average (SMA), which the footwear stock broke in mid-May. It tried and failed to reclaim it last month – a potential sign of the longer-term trend getting bearish.
In a similar vein, the 50-day SMA is nearing a potential “death cross” below the 200-day SMA.
Next, you have two sets of lower highs. One occurred between early February and early May. The other occurred in the second half of June. Such price action can be indicative of downtrends.
Third, last month’s high was below the $116 area where NKE bounced in mid-March. Has old support become new resistance?
The recent peak additionally brought stochastics to an overbought condition.
Next, the 8-day exponential moving average (EMA) recently crossed below the 21-day EMA. That may suggest the short-term trend is bearish.
Finally, traders may target a price level near the October low of $82.22.
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NKE - BEARISH SCENARIOAlthough Nike's projection of more favorable transportation costs and strong full-price sell-through of merchandise indicates positive signs for margin performance, there are concerns about the company's expectations regarding selling, general, and administrative expenses. These expenses, including marketing spend, are anticipated to rise slightly faster than revenue as Nike invests in driving demand prior to key sporting events.
Being a global brand with $51 billion in annual revenue, Nike is susceptible to economic softness in the global market. Weak demand in Europe limited the company's growth to single-digit increases in that region. Furthermore, apparel sales in North America experienced a decline of 2% during the quarter, indicating weakness in its domestic market.
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NKE NIKE Options Ahead of EarningsIf you haven`t sold NKE here:
or reentered here:
Then you should know that NKE is currently trading at $109.52, and based on the following analyst ratings, there is a slightly bullish sentiment surrounding the stock.
Barclays has maintained a Buy rating on Nike, setting a price target of $127.00.
Additionally, Goldman Sachs also maintained a Buy rating on the stock, with a higher price target of $144.00.
Furthermore, Wedbush recently raised NIKE's Q4 2023 earnings estimates to $0.73 EPS, indicating positive growth compared to the previous estimate of $0.69.
These analyst ratings and revised earnings estimates suggest a slightly positive outlook for NKE.
Now Analyzing the options chain of NKE NIKE prior to the earnings report this week,
I would consider purchasing the 110usd strike price Calls with
an expiration date of 9/15/2023,
for a premium of approximately $6.55.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
NKE - downtrend looks exhaustedNYSE:NKE had a slight miss on EPS and a beat on revenue. They lowered their forward guidance and price took a measured gap down on open. Price has already teste the lower bound of the gap and the downtrend is likely exhausted. I'm looking at an entry ~$110-111 and the next level of overhead resistance at $116-118.
Nike Stock Price Fall by 4%. What Does This Mean?Yesterday, NKE's share price closed above USD 113, but trading today could open below USD 109 per Nike share.
The reason is in the weak report released by the company. Analysts note a drop in demand for products, which may mean a "wake-up call" for consumption in the US economy, squeezed by tight monetary policy.
According to finance professor Jeremy Siegel, "it's hard to see a lot of upside catalysts for the market in the second half of this year." The AI-driven rally is no guarantee that the US economy, which is made up of more than just tech companies, will not slip into recession.
The NKE stock chart shows that the price today will fluctuate around the lower border of the rising channel (shown in blue), which is valid in 2023. However, after a series of bounces seen in June, the bears may push through this support line to dominate the down channel (shown in red).
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Nike is about to accelerate its rise !Nike is about to accelerate its rise !
This chart shows the weekly candle chart of Nike stock for the past 4 years. The graph overlays the 2020 bottom to top golden section. As shown in the figure, Nike's stock took shape from the bottom of 2020, and after peaking at the end of 2021, it fell significantly! The two recent lows happen to be the 0.500 and 1.0000 positions on the bottom of the Golden Divide. In the future, Nike's stock is likely to continue to strengthen!
NKE Long positionWe are expecting the price to move higher towards the resistance and get rejected. Next, we expect that the price will come back down to retest the upsloping support line (orange line) which would be our entry for a long position.
Targets are shown on the chart
The invalidation of this thesis would be when the price closes below the upsloping support as it would break the higher lows trajectory.
NKE Breakout in ProgressNKE breakout started happening on the news by FED or may be a short squeeze
The next earnings are on 29 June
The current technical breakout showing a movement which can see quick recovery to 128 Levels before earnings
At the earnings it can potentially break the major resistance level of 128
Price levels @ 116 will confirm a fib golden pocket zone entry and will confirm the full bullish reversal of the drop from 128 level.
Entry @ CMP or 116
TP1 @ 128/127
TP2 @ 140
SL @ 110 (105 is strong support)
Nike potential Cup and Handle after nasty fall T - $138Potential C&H is forming on Nike.
It's definitely too soon to execute trades based on the week upside in the last few days. We need the price to break above the Resistance of the previous M Formation.
This one requires a bit of patience because anything can happen at this rate.
Either it can form a C&H, W Formation, Scallop. Or it could fail and drop further if we don't see strong buying activity from Smart Money.
We'll have to wait and see.
Mixed MAs
RSI>50
Target $138.11
ABOUT THE COMPANY
Nike, Inc. is an American multinational corporation that is one of the world's largest suppliers of athletic shoes and apparel.
Founding: Nike was founded in 1964 as Blue Ribbon Sports by Bill Bowerman, a track-and-field coach at the University of Oregon, and his former student Phil Knight.
Name Origin: The name "Nike" was adopted in 1971. It comes from the Greek goddess of victory, Nike (pronounced "Nee-key" in Greek), symbolizing the company's goal to associate its products with victory and success.
Swoosh Logo: The iconic "Swoosh" logo, representing the wing of the Greek goddess Nike, was designed by graphic design student Carolyn Davidson for a mere $35.
First Shoe: The first shoe with the Swoosh logo was a soccer shoe named "Nike," released in 1971.
Public Listing: Nike went public in 1980 and is listed on the New York Stock Exchange (NYSE).
Global Brand: As of 2021, Nike operates in more than 170 countries around the globe.
Revenue: In its 2020 fiscal year, Nike generated over $37 billion in revenue.
Sponsorships: Nike is well-known for its endorsement contracts with high-profile athletes like Michael Jordan, Tiger Woods, Serena Williams, and LeBron James, among others.
Air Jordan: Nike's Air Jordan brand, launched for Michael Jordan in 1985, has become one of the most successful and iconic shoe brands in history.
Innovations: Nike is known for its innovative products, such as Air Max, Nike+ (a collaboration with Apple), and Flyknit shoes.
Just Do It: The "Just Do It" campaign, launched in 1988, has become one of the most famous and effective marketing campaigns in history.
NKE - LongFrom an Elliott Wave perspective, it looks like NKE could have a nice upward move in the coming days/months after a three-wave decline since February 2023. Not only did the correction almost reach the end of the previous wave 4, we can see an island reversal on the daily chart after the low of 102.69 was reached. As long as we are trading above this level, odds favor a recovery.
Is Nike's accumulation nearing an end? This idea is based on Wyckoff's method for calculating target objectives using the Point & Figure chart. The premise behind it is that NKE's shares are currently being accumulated prior to a break out that will go beyond all time highs.
All other information is on the chart.
NKE Buy TF H1. TP = 111.70On 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
