Conclusion for today’s Analysis: Price closing above the September 21, 2018 high of $85.98 indicates resumption of the bullish trend in Nike.
Over a year and 2 months of price action is covered in today’s Nike stock analysis using a 6 hour time frame. The previous bullish price channel lasting over 11 months was broken to the downside, with price retracing to ~$66.45.
Bullish momentum resulting from the above mentioned price level is yet to break above the previous high of $85.98 reached on September 21, 2018, therefore implying patience on entry of any long (buy) position that will be considered very conservative.
$60.55 is used as the lower price level for support indicated on the chart with the upper boundary being $66.45. A break below $60.55 in this case indicates resumption of the sell off from September 21, 2018, with lower prices to be expected.
A bearish channel (tentative) drawn on the chart needs to be monitored if Nike does indeed fail to close above price high of $80.96 established on Friday, the 18th of January, 2019.
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