Market Observations: NKE has decisively broken its previous downtrend, establishing a higher high. This bullish breach was further fueled by a liquidity run targeting sell stops below the recent triple-bottom (equal lows). The strong momentum accompanying this breakout signals a potential buying opportunity.
Trade Strategy: Target a buy entry upon a retracement...
On 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
Nike's stock (NKE) kept rising in the intraday levels, buoyed by positive pressure from the 50-day SMA, and amid the dominance of the upward correctional wave in the short term, with negative signals from the RSI after reaching overbought levels, hurting the stock's movements.
Therefore we expect the stock to rise and target the resistance of 138.65, provided it...
