Nike - Daily

Nike is due to report earnings tomorrow in after hours. The fashion retailer is expected to report quarterly earnings of $0.67 on revenue of $12.58bn.

Taking a look at Nike as the well-known fashion retailer is expected to report its quarterly earnings tomorrow. Currently, its share price is trading at around $113.56 a share, with a potential set up towards the upside. We can see that on the daily timeframe the stock has managed to create a base of support at $102.93 (white trendline), and is now approaching a resistance level at $114.17 followed by $115.28 (yellow oval). A break and close above $115.28 could see the price edge higher with the target then between $11-$120 a share. This is a shorter-term outlook. For a longer-term outlook, a break above $119-$120 may create the momentum for a stretch towards the upper trendline drawn on the chart ($130.42). However, as Nike is due to report earnings tomorrow, a negative report could see a retracement or even a sharp fall. Therefore, towards the downside, we would look for support levels at $108.70 and then at $106.63. A break and close below $106.63 could see a further slide towards the support base. Looking at the technical indicators, MACD is strongly positive and so is the RSI as it reads 55.