A valid URL was not provided.
Today’s chart is of Nike Inc. (NKE) which engages in the design, development, marketing, and sale of footwear, apparel, equipment, and accessories for men, women, and children worldwide.
Ticker: Nike Inc. (NKE)
Strategy: Long Trade
What I Am Looking At:
- Outperformance on a year-to-date basis, +16 percent
- Long-term monthly uptrend
- Near end of March shares gapped significantly higher on a positive earnings report and has since held the upside gap
- Short-term bullish pennant formation showing contraction in volatility
- Possible break to all-time closing highs and above the round number $60 level
- 11 out of 17 analysts rate the shares a “hold”, possibility for upgrades as shares remain just below all-time highs
- Peak put open interest for the April series lies below at the 57.5-, 55-, and 52.5-strikes, which could create a tailwind for shares on an unwind situation
- On a side note, 2 of the biggest spokespersons for NKE (Tiger Woods and Rory Mcilroy) are the favorites to win this week’s Masters in Augusta
- Next unconfirmed earnings date is set for end of June