Nike intermediate-term bear theme eased; June risks for a bullish shift

Intermediate

A strong June rally for Nike driven by two bull gaps interspersed by a surging rally, to reverse above the down trendline from the April, rejecting an intermediate-term bear theme, now for an intermediate-term range.

Despite an intermediate-term range, the threat is skewed higher, with risks for a challenge to the May swing peak at 85.52, above which would shift the intermediate-term outlook to bullish.

Intermediate-term Range Breakout Parameters: Range seen as 85.52 to 77.07.

  • Upside Risks: Above 85.52 sets a bull trend to aim for 90.00, 94.40 and 100.00.
  • Downside Risks: Below 77.07 sees a bear trend to target 75.46, 70.00 and maybe 66.53.

Daily Nike Chart

nike chart

Steve Miley

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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