Nike (NKE) is worth watching for signs of (price) fatigue.
Two potential Harmonic bearish butterflies are forming.
One on the price and the other on the 14 day RSI.
The RSI matches a level of early January '23 when it rolled over before the price, creating a negative divergence condition
I will monitor and advise of any position taken.
Ideally I'd like to sell/cover in the $120 area and with a 80 RSI.
DYOD and pay attention to broader markets.
S
Two potential Harmonic bearish butterflies are forming.
One on the price and the other on the 14 day RSI.
The RSI matches a level of early January '23 when it rolled over before the price, creating a negative divergence condition
I will monitor and advise of any position taken.
Ideally I'd like to sell/cover in the $120 area and with a 80 RSI.
DYOD and pay attention to broader markets.
S
Comment:
As this market has a bid I am raising my suggested sell area to $122...
Comment:
Short at $122 this am
Trade closed: stop reached:
Covered at just under $123.. still watching will reenter on broad market selloff and indicator rollover
Comment:
Vindicated !!