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ChemistNate

NKE is going to fall until at least February

Short
Nike (NYSE:NKE)  
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NYSE:NKE   Nike
Trend Analysis Chart Patterns nkeshort NKE
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trendanalysis chartpattern nkeshort nke
NKE Bearish channel; inside week from Dec 5 to 9, and then outside week from Dec 12 to 16. Today (Dec 19) it broke below last week's low ... this is now the third week in a row of lower-lows.

Is it possible that it rallies and goes for a second outside week?

Anything is possible, but it is also up against the bearish channel on the upside. There is very little support on its downside however ...
Kommentar:
This idea was completely wrong. It has broken above its trendline, and though it looks like it's coming back for a retest, I was definitely wrong that it would fall.

My lesson from this chart: just because a chart is reaching a trendline / top or bottom of a bearish channel, doesn't mean it WILL bounce.
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