NIKE: A POST EARNINGS PLAY
Nike reported earnings on the 20th after the market close. The stock increased by more than 12% the following day.
The price of the stock revisited the resistance level that was rejected in June and August of 2022. Before the rejections, this level acted as a support as seen in March and April of 2022. In this chart, the support/resistance zone is marked by the yellow box.
Additionally, this zone currently coincides with a VWAP anchored back to November of 2021. We observed that the price action rejected at both the anchored VWAP and the yellow box zone of resistance on December 21st of 2022. If price revisits this level, look for price action consistent with what we have observed in the previous rejections.
The price of the stock revisited the resistance level that was rejected in June and August of 2022. Before the rejections, this level acted as a support as seen in March and April of 2022. In this chart, the support/resistance zone is marked by the yellow box.
Additionally, this zone currently coincides with a VWAP anchored back to November of 2021. We observed that the price action rejected at both the anchored VWAP and the yellow box zone of resistance on December 21st of 2022. If price revisits this level, look for price action consistent with what we have observed in the previous rejections.
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