We have been tracking Nike (NKE) since August 2023 and placed our thoughts in a post last January.
The main observations were:
- NKE has been respecting its monthly resistance lines since 2022:
- 22-month SMA, body, since March 2022
- 31-month SMA, wick, since May 2022
- NKE’s best respected monthly support lines registered in the nineties:
- 131-month SMA, body, since November 1995
- 146-month SMA, wick, since February 1997
In the two months since the January post, Nike’s stock kept respecting the resistance lines while narrowing the distance from the support lines.
The following NKE chart was created on February 4th and shows January’s completed candle:
Zooming in:
The following NKE chart is the latest and it shows February’s completed candle:
Zooming in:
Nike’s stock closed the last trading day below $100. The support lines kept ascending, and the 131-month SMA is sitting at $82.29 (excluding March price data). Who knows, perhaps these two will meet sooner or later.