Trade of the Day
Nike, Inc (NYSE: NKE)
(Current Price: US$102.86) – TECHNICAL SELL
Sell price: US$102.86 Stop loss: US$108.00
Take profit 1: US$92.00 Take profit 2: US$82.00
The price has broken down from a consolidation triangle formation, continuing its downtrend since start of this year. The Moving Average Convergence Divergence, or MACD indicator, is also displaying weak momentum, with lower highs formed.
Should the price continue its recent bearish momentum, it could retest the first support level at US$92.00, which is confluent with a previous horizontal resistance level formed in October-November last year. It could then head to the next support level at US$82.00, confluent with next swing low formed in end September last year.
Expected timeline of the trade is 4-12 weeks from the date of report issuance.
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