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Thursday, March 20, 2008

NIKE, Inc. (NKE) Technical Analysis

Today we'll analyze the Stock nke for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 62.37$ (02/26/08) to 56.97$ (03/10/08) a 5.40$ move
2- The current bullish trend started from 56.97$ at 03/10/08 and is currently trading at 61.83$.

3- The stock current support level is at 60.31 which is the 61.80% fibonacci retracement of the last 5.40$ move.
4- The stock current resistance level is at 62.37 which is the 100.00% fibonacci retracement of the last 5.40$ move.
5- The Stock formed Double Top Pattern at 62.37.
6- According to ADX, the trend is currently bullish,which is becoming weaker.

Conclusion:
nke is currently trading a bullish wave, which is becoming weaker .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .

Resistance Levels: 62.33, 62.37, 62.41, 62.49, 63.84, 65.71, 66.77.
Support Levels: 60.68, 60.31, 59.97, 59.67, 59.40, 59.03, 58.83, 58.24, 56.97, 56.97.


That's all for today ... thanks for reading the post,
come back soon for more updates,
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have a nice day,

Shadi
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We Moved!!!

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you can also subscribe to its RSS feeds or newsletter to get updated when new analysis is posted
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Shadi