NKE is going to fall until at least February
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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 ...
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 ...
Note
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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