Daily Stock Report

Daily Stock Report - August 14, 2020 Nike Inc. - (NKE)

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. 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.