Nike - Daily

Nike is expected to report quarterly earnings tomorrow of $0.55 on revenue of $11.47 billion. It's stock is trading at around $121.69 a share.

Nike’s stock is currently trading at around $121.69 a share. We can see a continuation of the bullish trend dating back to 2^nd of November last year. There was a retracement in the month of February, but the price consolidated in early March and support along the ascending trendline held out firmly (white ascending trendline). Support sits at $115.51, which is right on the trendline with further support just below it at $114.35. A break below $114.35 could lead to a big sell-off and see the price decline to around $100. However, as we can see a break above the descending dotted trendline has occurred, the bias remains bullish. Resistance now sits at $127.95 then at $132.11, which is highlighted by the horizontal white trendline. A break above this price level may see the price climb towards $140 a share. Looking at the technical indicators, MACD on the daily timeframe has turned positive and RSI is neutral but heading towards positive as it reads 53.