Athletic clothing producer Nike (NKE) returned to the Green Favored Zone of the SIA S&P 100 Index Report from a brief dip into the Yellow Zone after climbing 3 spots yesterday.
A major breakout is underway in Nike (NKE), which has broken out to a new all-time high this week by blasting through the top of a $95-$105 trading range. Next potential measured resistance tests appear near $115 and then the $125 round number. Initial support appears between the 50-day average near $99 and the $100 round number.
Clearing $106.50, Nike (NKE) has broken out to a new all-time high, completing two months of consolidation, completing a bullish Double Top, confirming a recent Spread Triple Top, and embarking on a new upleg. Next potential upside resistance tests on trend appear near $112.85, $134.90 and $140.35 based on vertical and horizontal counts, plus the $125.00 round number. Initial support appears between a 3-box reversal near $98.25, and the $100.00 round number.
With its bullish SMAX score increasing to 9, NKE is exhibiting near-term strength against the asset classes.
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