Nike Long Trade into earnings
Earnings may not just be as bad as expected.
Oversold and trying to reverse.
NKE trade ideas
Quick Long Scalp (within a week):This is for my personal use, but I am publishing just to get my idea in concrete, and see how it plays out.
So just looking at the chart:
FIB: I set up a fib retracement from April 2018 and Janaury 2018 to the most recent highs of January 2020. (Give me an idea of support and resistance levels.
Trendlines: I set up some trend lines to help forecast a possible bounce.
Candlesticks: There is a bullish hammer formed on the daily. Its wick touches the $73 support level
Trade:
SL:$72.50
Open: $74 Area
TP:$82
Watch Price Action Prior to entering
Elliott Wave View: Nike Rally Expected to FailNike (Ticker: NKE) shows an incomplete sequence from January 22, 2020 high suggesting further downside is likely. The decline from January 22 high is unfolding as a double three Elliott Wave structure where wave ((W)) ended at 85.15 and wave ((X)) ended at 94.98. The stock has resumed lower within wave ((Y)) and the internal of wave ((Y)) subdivided as a zigzag structure.
Down from March 3 wave ((X)) high at 94.99, wave 1 ended at 90.57 and wave 2 bounce ended at 93.79. The stock then resumed lower in wave 3 towards 85.88 and bounce in wave 4 ended at 88.67. The final leg wave 5 ended at 80.92 and this also completed wave (A). Wave (B) rally is now in progress to correct cycle from March 3 high before the decline resumes. Expect rally to complete at 87.79 – 91.38 area and stock to resume lower.
We don’t like buying the stock. As far as pivot at 94.99 high stays intact, expect rally in Nike to fail in the sequence of 3, 7, or 11 swing for more downside. Potential target lower is 100% – 123.6% Fibonacci extension from January 22 high which comes at 69.93 – 74.7.
Double Bottom(DB) in the making NIKE. Near Target $94Tweezer bottom indicate that price to bounce to trendline $94. DB is confirm when break trendline @$94, Next resistance $104
NKE Rubberband SnapbackNKE just ran into its 200 moving average along with support level of $90. The overall market is completely at an oversold state with major indexs running into 200 day moving average as well. I believe we'll see a hard bounce off these levels to minor resistance at $96
THANKS CORONAVIRUS , I CAN BUY AGAIN NIKE AT 95 !!!! SO GRATEFULBE COURAGEOUS IT WILL PASS AS ALWAYS IF YOU HAVE CASH ASIDE JUST BUY THE DIPS YOU WILL BE REWARDED IN FEW MONTHS
Take care of yourself and relax and keep calm
NKE - cycle bottoming - consolidation stageNow lets take a look at NKE. Weekly charts are suggesting both major and minor cycle bottoming out over the next 4 weeks. Last few cycles have bottomed in time so one may expect a timely bottom . Where we find support during this time will give us a fair idea about the next cycle expectations.
At this stage we see the following prevailing conditions:
1. $106 to 108.5 likely cycle resistance and Fib ext target zone
2. Lower support zone between $95 to 97 levels
3. $87-89 likely strong support as previous cycle peak/ support confluence zone
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Cheers
NKE possibly turning upwards in trend channel Nike has turned down in the trend channel, approaching its mean reversal. In the event that price reaches the mean reversal and the long term RSI starts to turn upwards, I will look for a long position, with target towards upper trend channel (ATH).
Nike top forming?At least in the short-term nike seems to be forming a top at this median line & top slope in pennant. RSI hold below 70 would be indicative of a top too.
Nike Short, MACD and RSI stretched, return to 20 day MA - hedgeGetting a $100 or a $97 put in NKE would provide a nice hedge against all your other long positions as NKE trades very much in tandem with major averages and exemplifies worries like global growth/ china/ stretched evaluation
$NKE Gap fill on watch, watch for fall below wedge.Had a parabolic streak, will need a cool down. the rising wedge could break here.
Nike Awaiting FallAs you can see on my chart, I expect a fall in the Nike after overcoming the mark of $ 96. As you can see on my chart, I expect a fall on the hike, after breaking the $ 96 mark. If you want to know more information about my forecasts, subscribe to my YouTube Channel (/channel/UCFjEDgByCftksVKr8nZoOZg? View_as = subscriber) More than my forecasts for the short term
NKE in a New Range?In the trading session following the release of their Q1'20 ER on September 24, 2019, NKE closed at $90.81, finally pushing through that resistance level around $89. Although a little choppy, shares rose higher in the first half of October until Mark Parker, the 13-year CEO and 40-year employee of Nike, announced that he was stepping down on October 22, 2019. This sent NKE lower and left it hovering around that $89ish level for ~2 weeks, using this level as support.
However, since mid-November, shares have been soaring and seemingly broken through some important resistance levels. Although NKE experienced a small sell off, shares seemed to get strong support at that lower line drawn in the chart and worked its way back up to $100/share only to close just shy of that level ($99.96).
It seems that NKE has some serious room to run into the end of the year, especially considering were in the midst of the holiday season and I think we could see the shares perform very well into the start of 2020.
$NKE $100 the key level for NIKEA little selling after-hours is nothing to get concerned about, mostly by algos on a few negative words about China.
If the stock reclaims the vital psychological level of $100 and the market continues bullish it is still a buy
