NIKE Presents Lucrative Short Opportunity
Price formed a double top pattern on daily charts after it faced significant resistance in the $170-$180 range; it twice bounced off this level marking the beginning of a downtrend. It was then stuck in a descending triangle - a consolidation within the downtrend - for several weeks. Yesterday, price finally broke down below support of the triangle and will likely continue lower. RSI is quite low and MACD also indicates an impending depreciation in price, consolidating our trade premise. Heightening tensions between Russia and Ukraine have fueled negative market sentiment - this could be another potential reason for a drop in price. Place your stops at around $141 and trail your profits as you see fit. There is no set price target as we could see quite a bit of downside here.
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