My Trading Strategy is very basic, a classic K.I.S.S. Philosophy. Using StochRSI, a 5 year chart for historical data and a YTD chart for current data. I look for oversold discounted companies. Nike had a ton of negative press, blah earnings and the stock price got clipped after they reported. To me, this fits my strategy to a tee, and patience and paying attention to RSI particularly will serve me well.
Today, NKE price had the first of 3 bullish price moves. I’d prefer to see the RSI on both K&D be above 35 before trying to make an early move however in this case, RSI rose well above 35 but the stock price did not follow. I opted to wait and see if buying volume would continue.
My trades are typically for 3-10 days and my exits vary by stock performance, market conditions etc.
Today, NKE price had the first of 3 bullish price moves. I’d prefer to see the RSI on both K&D be above 35 before trying to make an early move however in this case, RSI rose well above 35 but the stock price did not follow. I opted to wait and see if buying volume would continue.
My trades are typically for 3-10 days and my exits vary by stock performance, market conditions etc.
Note
As I continue to watch the price action, my initial thoughts were on 7/23 if the price were to finish higher than the previous 2 days, I might be onto something although the RSI was higher than I was looking for- that price actually failed. From 7/25 to 7/31 the price action is what I'm looking for, I've also noticed a channel starting to develop between $72+- and $75+- which also suits me fine for weekly swing potential. My hunch at this point in the game with NKE is a channel becomes more prevalent until a few weeks before next earnings. For those of you that need entry/exit points- BUY at $71- SHORT at $76. Crossing RSI should have some weight in these moves.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.